General

The EDCM Resumes Operations after 28 Years

Targeting USD 36 Billion in Export Revenue by 2030
Rise in export income next quarter - President at the EDMC Meeting

In line with the new government’s policy of “A Thriving Nation- A Beautiful Life,” President Anura Kumara Disanayake directed officials to take the necessary steps to increase export revenue to $36 billion by 2030.

The President expressed these views during the meeting of the Export Development Council of Ministers (EDCM), held today (27) at the Presidential Secretariat.

Export revenue, which stood at USD 16.1 billion in 2024, is expected to rise to USD 18.2 billion this year, with a long-term goal of reaching USD 36 billion by 2030 through a comprehensive action plan.

The discussions emphasized the importance of strengthening domestic production and transitioning to an export-driven economy. Participants also highlighted the need to leverage Sri Lanka’s strategic location, human resources, and natural assets to develop a sustainable industrial growth plan.

This focused on revitalizing struggling domestic manufacturing industries, enhancing the competitiveness of export sectors, promoting the services industry, and capturing global markets through innovative strategies. Additionally, attention was drawn to attracting Foreign Direct Investment under a national framework, creating a conducive environment for new investments, reducing production costs, and ensuring the availability of essential infrastructure and resources.

Key decisions and discussions at the meeting included:

A decision was made to establish a VAT refund system at the airport for goods purchased by tourists.

To address delays and inefficiencies in the inspection of export products, plans have been made to replace the manual system with an automated scanning system that complies with international standards. This system will be installed at the Katunayake airport, with funding allocated by the Ministry of Industries.

It was also decided to permit the “inspection of railway engines” manufactured in Sri Lanka, which had previously posed a barrier to exports, to be conducted within the country.

It was decided to introduce renewable energy sources to reduce costs within the export industry and to launch a program to encourage exporters to adopt modern technology, enhancing cost efficiency while conserving electricity.

It was decided to provide funding from the CESS fund to implement programs focused on entrepreneurs and investors to achieve export targets.

Investment Facilitation Committee was established to facilitate investment in the export sector by providing investment support for both domestic and foreign investments.

It was decided to provide export incentives for the export of gems and jewellery by identifying the correct export value through an appropriate method.

The government has focused on the export of electronic equipment and devices manufactured locally, and discussions were held regarding providing customs duty concessions on raw material imports for this purpose.

Special attention was given to the digitalization of data systems related to the export industry in the implementation of the above decisions.

There was also a focus on increasing the bank guarantee limits for incentivizing service exports.

The meeting also addressed challenges currently facing the export sector and potential solutions.

Issues related to the inspection of apparel exports were highlighted, and resolutions were formulated with the consensus of all stakeholders.

The EDMC, established on September 11, 1980, has met sporadically over the years. However, it had not convened between 1992 and 2020, and even in 2020, no significant decisions were implemented.

This meeting in 2025 marks the resumption of the committee's activities after a gap of 28 years, making it a notable milestone.

The committee comprises representatives from various ministries, including Trade, Shipping, Plantations, Agriculture, Industry, Textiles, Fisheries, Finance, Foreign Affairs, Supply Chain, and Rural Development.

Its primary objective is to enhance Sri Lanka’s global competitiveness by formulating and implementing national export development policies and programs.

Notable attendees at the meeting 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, Commerce, Food Security and Co-operative Development Wasantha Samarasinghe, Minister of Rural Development, Social Security, and Community Empowerment Dr. Upali Pannilage, Chairman of the Sri Lanka Export Development Board (EDB) Mangala Wijesinghe, Secretaries of relevant ministries and a group of state officials.