EDB to target USD 18.2 Bn. revenue next year

Sri Lankan exports will reach a new high in the excess of USD 16.2 billion for 2024 and Export Development Board (EDB) will target USD 18.2 billion revenue for next year.

“Under the five year plan we expect to woo USD 45 billion in export revenue,” EDB Chairman Mangala Wijesinghe told Daily News Business.

Wijesinghe said in the first 10 months of 2024, Sri Lanka has earned USD 13.5 billion from total exports (merchandise and services). This is a 7.19% increase compared to the first 10 months of 2023. He said that the 2024 export earnings were boosted by high revenue from the apparel sector and there was a noteworthy increase from the service including ICT sector as well. He said that for next year they are focusing on many existing scooters to perform more than what they have done so far and two such sectors are Gem and Jewellery and electronic industry.

“Currently the Gem and Jewellery sectors are netting in around USD 400 million annually and this has potential to grow to around USD 1 billion plus in the next two years. We have been told by this segment that there are many taxes that have hampered the progress of the segment and we have started dialog with the relevant government Ministries to address this.”

The government also expects that the Gem and Jewellery sector will be more transparent in the future as many say that this sector earns more than what it is documented. “We expect that this segment will bring up around USD 2 billion revenue in the next two years.”

Wijesinghe said that with more technology inputs would be provided via helping in Joint Ventures for the electrical manufacturing segments to increase exports in this segment. He also identified ship building, logistics and construction to play major roles towards increasing exports.

Wijesinghe said that one of the key challenges the exporters faced was the excessive export tax on exports which this government drastically reduced. This has a major positive impact towards the export sector. He said that in a bid to reduce red tape and iron out issues related to other line ministries they will soon introduce an Export Development Committee of Ministers involving several line ministries as well as the President to have regular dialogs with exporters to iron out their issues.

The post EDB to target USD 18.2 Bn. revenue next year appeared first on DailyNews.