News
EDB: SL export sector faces daunting challenges due to adverse global environment
The Sri Lanka Export Development Board (EDB) was facing daunting challenges in improving exports for 2023 compared to 2022 as the country’s traditional export markets in developed countries are facing an economic downturn, Dr. Kingsley Bernard, Chairman of the Sri Lanka Export Development Board (EDB), said on Thursday in a television interview.
Bernard said there had been a decline of around 12 percent in exports in the first six months of 2023 compared to 2022.This is mainly due to the economic downturn in the US, the UK, Germany and other EU countries, he said.
“Although we were expecting growth, compared to 2022, it is unlikely that this target can be met.
Sri Lanka had identified certain products that had the potential to turn the country into an export hub. For example, the country could be a hub in exporting gems and jewellery, Bernard said.
“We are trying out best with the help of all stakeholders to make Sri Lanka a hub for exporting gems and jewellery,” he said.
Bernard said the country neededs to do a lot to improve tea, rubber and apparel exports. The authorities were planning to improve exports by 10 – 15 percent, keeping 2022 as a benchmark, he said.
“Sri Lanka is looking at Joint Apparel Association Forum to work with the EDB to improve vertical integration. The government plans to set up a textile park in Eravur as a long term plan. When it comes to tea, one group thinks that we should import tea and blend it here, while others think that given our reputation for high-quality tea, we must protect it. These are things that should be argued and debated,” Bernard said.
The National People’s Power (NPP) polled 2,260 votes (46.18%) to secure 9 of the 19 seats in the Tangalla Urban Council at todays. Local Authorities Election.
THe Samagi Jana Balawegaya (SJ) polled 1,397 votes to secure five seats while the Sri Lanka Podujana Peramuna (SLPP) polled 795 votes to secure 3 seats.
The United National Party (UNP) and the Sarvajana Balaya secure one seat each.
Voting commenced at 7.00am to elect members to 339 local councils in the island.
Voting is being held at 13,579 polling centers and will end at 4.00 p.m.
Vietnamese President Luong Cuong warmly welcomed President Anura Kumara Disanayake during an official ceremony held in Hanoi on Monday (05) morning
President Anura Kumara Dissanayake was accorded a ceremonial welcome with full military honours upon his arrival at the Presidential Palace of Vietnam. He also took part in the inspection of the Tri-Forces Guard of Honour and the playing of the national anthems of Vietnam and Sri Lanka. The two leaders then introduced members of their respective delegations before proceeding for bilateral discussions during which both nation assessed their progress, explored avenues for future collaboration and signed Memoranda of Understanding.
Vietnam and Sri Lanka have upheld robust and enduring ties since they established diplomatic relations in 1970. and this visit aims to strengthen political trust and foster effective collaboration across multiple sectors between the two nations.
Sri Lanka and Vietnam engage in annual bilateral trade, primarily in exports, totalling around US$200 million. Both nations aspire to elevate this trade to US$1 billion in the near future.
President Dissanayake’s visit highlights Sri Lanka’s deep commitment to its longstanding friendship with Vietnam and demonstrates a mutual resolve to enhance collaboration in traditional sectors while exploring new opportunities in digital transformation, the digital economy, energy transition, artificial intelligence and connectivity.
[PMD]
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