“In line with Mahinda Chintana Vision for the future, we must also achieve export earnings of US $ 20 billion by 2020,” EDB Chairman Janaka Ratnayake told the Daily News Business.

“The other objectives of the new strategic plan is to increase exports to markets other than the EU and the USA by over 50 percent by 2015, while consolidating the market position in the EU and the USA and to pay particular attention to seven identified key product sectors, which will contribute over 80 percent of total export value, and achieve significant growth in those sectors” Ratnayake said.

“Among the key products identified by the EDB for promotion and development include tea, rubber products, diamonds, gems and jewellery, ICT and BPO, food and beverages and spices and allied products. The EDB will focus on developing these key products as well as on developing other products. An in-depth study in terms of strength and weaknesses has been carried out to identify product sectors. Strategies required to develop these sectors have also been formulated.

“Cooperation between the private sector and the public sector is essential to implement the strategic plan. The establishment of Advisory Committees by the Industry and Commerce Minister, under section 10 of the EDB Act will enable the achievement of the required cooperation. “The gazette notification to give effect to the establishment of the Advisory Committee has also been published. Twenty Advisory Committees have been established altogether to cover the main product and services sectors,” he said.

The Advisory Committees comprise prominent figures in the business sectors as well as senior officials in the Government sector. These Advisory Committees will identify the problems confronting the export sectors and find mechanisms to solve these problems, he said. Ratnayaka also said, “The export sector of Sri Lanka grew at an average growth rate of 8.8 during 2004-2008. However, the sector experienced a severe set back of 12.5 percent during 2009 consequent to the adverse effect of the global economic turmoil.

“However the export sector is presently experiencing an improvement and it has recorded an encouraging growth rate of 12.4 percent during January - October 2010 compared to the corresponding period in 2009. The positive trend is reflected in both major categories of export agricultural and industrial. “The agricultural sector contributed 25 percent to the total exports which recorded a good growth rate of 22 percent during the first ten months of 2010. Industrial exports accounted for nearly 72 percent of the total exports registering a growth rate of 9.0 percent,” he said.