National Export Strategy to be presented to Cabinet | Sunday Observer

National Export Strategy to be presented to Cabinet

Lead implementers were closely consulted concerning the implementation modalities of the National Export Strategy (NES) to ensure a smooth transition from design to implementation stage.

Over 700 public and private sector stakeholders participated in designing and formulating the NES and it is now ready for Cabinet endorsement. Seventy public and private institutions identified to carry out NES implementation have reviewed its operational plans and activities and confirmed their commitment to integrate these interventions in their respective work plans.

The approval of NES priorities by national implementing agencies have paved the way for the NES to be submitted to Cabinet for endorsement.

The NES provides a coherent roadmap to coordinate activities between multiple institutions and agencies across Sri Lanka. The NES consultative process has built widespread national consensus for moving towards successful implementation.

Efficient coordination between the public and private sectors have built strong momentum for the progress of the NES.

The strength of this collaboration ensures commitment to roll out implementation immediately after Cabinet approval.

To fast track implementation, many national institutions have already planned to implement NES priorities rapidly. As such, budgetary allocation for many NES priorities were included in the 2018 national budget.

Major reforms of export administrative processes, setting up of new tools and systems to ease trade, as well as stimulating export innovation and promotion are now ready to commence.

The National Export Strategy (NES) is a timely catalyst through which the export sector will expand. It supports the National Economic Council’s objective of increasing export incomes and developing local industries.

The current wave of economic reforms combined with increasing regional trade opportunities, provide a unique window for Sri Lanka to modernise and start a new cycle of export growth.

To seize this opportunity, Sri Lanka’s NES proposes a clear-cut vision to drive the reforms needed for Sri Lanka to reach its true export potential: ‘Sri Lanka – An Export Hub driven by Innovation and Investment’.

While providing the conditions necessary to strengthen emerging sectors, all export industries of Sri Lanka will benefit from the implementation of the NES.

NES implementation will create a favourable business environment for all Sri Lankan enterprises by strengthening key trade functions such as logistics, national quality infrastructure, innovation and entrepreneurship, and trade information and promotion.

The NES will empower the emergence of new champions while supporting growth of traditional export industries.

The NES focus industries are IT-BPM, wellness tourism, spices and concentrates, boating industry, processed foods and beverages, and electronic and electrical components.

The timeframe for implementation of the NES is from 2018-2022 and it aims at increasing Sri Lanka’s export revenue to USD$ 28 billion by 2022.