Sri Lanka targets $36 Billion in export revenue by 2030 under new national policy

Sri Lankan President Anura Kumara Dissanayake has set an ambitious target to increase the nation’s export revenue to USD 36 billion by 2030, in line with the government’s “A Thriving Nation – A Beautiful Life” policy.

President Dissanayake announced this during the meeting of the Export Development Council of Ministers (EDCM) held today at the Presidential Secretariat in Colombo. Export revenue, which was USD 16.1 billion in 2024, is expected to rise to USD 18.2 billion this year, with a comprehensive plan to achieve the long-term goal of USD 36 billion.

The discussions at the meeting highlighted the importance of strengthening domestic production, transitioning to an export-driven economy, and leveraging Sri Lanka’s strategic location, skilled workforce, and natural resources for sustainable industrial growth.

Key initiatives and decisions made during the meeting include:

• Tourist VAT Refund System: Establishing a VAT refund system at the airport for goods purchased by tourists.
• Automated Scanning for Exports: Replacing the manual inspection system for exports with an automated scanning system at Katunayake airport, funded by the Ministry of Industries.
• Railway Engine Exports: Allowing inspections of locally manufactured railway engines within the country to facilitate exports.
• Renewable Energy Adoption: Introducing renewable energy sources and modern technology to reduce costs in the export industry.
• CESS Fund Utilization: Allocating funds from the CESS fund to support entrepreneurs and investors to meet export targets.
• Investment Facilitation Committee: Establishing a committee to attract both domestic and foreign investments in the export sector.
• Gems and Jewellery Exports: Providing export incentives and accurately identifying export values for gems and jewellery.
• Electronics Manufacturing: Promoting the export of locally manufactured electronic devices and offering customs duty concessions for importing raw materials.
• Digitalization of Export Systems: Focusing on modernizing data systems related to the export industry to streamline operations.
• Service Export Incentives: Increasing bank guarantee limits to encourage service exports.

The meeting also addressed challenges in the export sector, including inefficiencies in inspecting apparel exports, and formulated solutions with stakeholder consensus.

The EDCM, which had not convened regularly since 1992, marked its resurgence after 28 years with this meeting. Established on September 11, 1980, the committee comprises representatives from multiple ministries, including Trade, Shipping, Agriculture, Industry, Fisheries, Finance, and Rural Development. Its primary aim is to enhance Sri Lanka’s global competitiveness through national export development policies.

Notable attendees included Minister of Industry and Entrepreneurship Development Sunil Handunnetti, Minister of Transport, Highways, Ports, and Civil Aviation Bimal Rathnayake, Minister of Plantation and Community Infrastructure Samantha Vidyarathne, Minister of Trade and Commerce Wasantha Samarasinghe, and Minister of Rural Development Dr. Upali Pannilage. Also present were Export Development Board (EDB) Chairman Mangala Wijesinghe, ministry secretaries, and state officials.

This meeting sets the stage for significant reforms and initiatives to boost Sri Lanka’s export sector, aiming for a stronger and more competitive economy by 2030.