SL has managed only 7 new product categories for global markets in 15 years

The keynote speaker at the Indian Sourcing Forum – technical session Dr. Rohantha Athukorala, stated that a recent study by Harvard Development Center on Sri Lanka has revealed that only seven new product categories have been launched globally in the last 15 years (2000-2015). However, a robust process is in place on a private-public partnership to increase the competitiveness.

Dr. Athukorala, a former Chairman of Sri Lanka Export Development Board and National Council For Economic Development (NCED) went on to state that the seven new product categories accounted for just $0.1 billion dollars which is a very low export innovation performance which the country is now focusing on with a robust NPD road map he said at the technical session of the Indian Sourcing Forum held at Jetwing Colombo Seven Auditorium.

Dr. Rohantha Athukorala at the Indian Sourcing Fair – Technical sessions at Jetwing Colombo Seven 

Apparently, more aggressive countries in the global market the place like Thailand has launched as much as 70 new products generating $21.6 billion dollars tourism into the country whilst more aggressive countries like China has launched 76 new products, generating a straddling $331.6 billion dollars in to the country which tells us the challenge that countries like Sri Lanka must address even though the World Bank ranks Sri Lanka as the best performing in the ‘Doing Business’ ranking for South Asia he said.

Whilst commending the invited trade partners from India, the speaker urged the businessmen to pressure the current FTA by increasing the width and depth on exports so that any reforms to the current FTA must to auction. The event was co partnered by the Indian trade promotion organisation which is under the ministry of trade and commerce India. The Sri Lanka event managers are CDC events. 

Sri Lanka exports proceeds registered a – 2.3% performance versus last year as at end November last year as per the latest statistics of Central Bank. The speaker requested the policy makers share this detail data with the delegation and embark on focused discussions so that specific product categories based on the principle of comparative advantage can be traded on a mutually beneficial platform taking into account the FTA criteria.