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Sri Lanka`s Export sector records 10 percent growth
Friday, 30 July 2010 - 9:58 AM SL Time
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The country s export sector recorded significant growth due to the favourable global economic environment. The first four months recorded a 10 percent growth of US $ 2.7 billion. However the apparel sector recorded a 11 percent negative growth.
The global economy grew by three percent and the consumer demand is catching up as the world trade recorded 10 percent growth. The emerging economies will drive the world economic growth and Sri Lanka needs to have a demand driven marketing strategy to reach US $ 8 billion by the end of this year, Exporters Association of Sri Lanka Chairperson Nirmalie Samarathunga said.
The Exporters Association of Sri Lanka (EASL) calls for aggressive action to expand the export base. It was highlighted that the over dependency on concessions are not advisable. The Central Bank should intervene to stabilize the exchange rate which has a huge impact on the export sector.
Exports play a pivotal role in Sri Lanka s economy. The country needs to concentrate on value addition and diversification in the export portfolio. The country is trade dependable and vulnerable to external shocks. Thus there is a need to act fast to address the key issues to derive maximum benefits, she said.
The key areas of concern are the competitiveness, ease of doing business and conducive environment. The cost control is a main contributory factor and more innovative measures are needed to achieve the target of US $ 20 billion by 2020, she said. The EASL held its 13th AGM yesterday in Colombo.
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noworries
Joined: Mar 2008
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 30 Jul 2010 10:56:22 GMT Report for Abuse
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over dependency on concessions are not advisable
Exactly! No need for GSP+ type strings any more because it undermines the country's independence and progress as a nation. |
kandappa
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 30 Jul 2010 15:27:57 GMT Report for Abuse
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| There is a saying that beggers have no choice. India and Sri Lanka got independence almost at the same period and at that time our economy was far superior. Is it because of the lack of patriotism that we have failed. We spent the time changing the CONSTITUTION and the develpment took a back seat!. |
kiora
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 31 Jul 2010 04:17:58 GMT Report for Abuse
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| At a time most countries around the world struggling Sri Lanka is bucking the trend and moving ahead at lightning pace. Daily some report of fantastic news regarding expanding economy new development of mega projects drilling for oil, accumulating gold by the reserve bank development of infrastructure expanding the tourist sector mega growth in export, uplifting of living standards surely its time as I do rest of the world admit to the fact world has not ever seen progress like this since the invention of the wheel. Only thing now is to rest of the world to copy Sri Lanka s formula for prosperity. This include China who has taken the correct decision to ally with Sri Lanka so they can progress albeit much slower rate by hanging on to coat-tail of Sri Lankan miracle. |
RSunil
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31 Jul 2010 15:56:06 GMT Report for Abuse
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All business sector speeches have to be taken with a pinch of salt. If one strips the plaudits for the Government and read the rest of the speech, then the real content is seen.
In this instance the key words are - 'The key areas of concern are the competitiveness, ease of doing business and conducive environment'
The Government has done absolutely nothing on these areas. In fact, it has made things worse with a string of broken promises. Large amounts of money due to the exporters are held by the Government on some pretext or other. The Government is no longer trusted by the exporters.
Rs. 20 billion targeted for exports by 2020 is a pipe dream and every exporter knows it. But the various Chambers have to keep on saying that it is achievable to keep the Ministers happy.
The whole country is going round in circles because we have a set of buffoons at the top who are only interested in fortunes for themselves and their families. |
saleemtariq
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31 Jul 2010 16:43:28 GMT Report for Abuse
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The government run Daily News omitted the portion of the speech, that is not favourable to the government.
Chairperson of EASL says 'In 2009, Sri Lanka s export earnings reached US$ 7 billion, a by 13 percent decline from the previous year. The industrial and manufacturing sectors declined by 14 percent.
'The apparel industry is facing a threat with the lose of GSP plus, and is expected to have a future decline, despite issues the total exports of the country has seen a 10 percent growth in the first quarter this year,' she said.
The earnings from tea export exceeded US$ 1 billion.
Edited By - saleemtariq - 31 Jul 2010 16:49:41 GMT |
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31 Jul 2010 05:51:28 GMT