Trade Minister Bandula Gunawardena (fourth from left) along with officials listen to a question from a participant at the Sri Lanka Export Promotion Vision Forum’ held on Saturday 

• Holds first-ever Sri Lanka Export Promotion Vision Forum since assuming duties
• Pledges to support exporters
• Reveals new Export Development Council of ministers reactivated by President after 20-year lapse 
• Moots setting up of development-oriented Export Import Bank 
• Exporters suggest Dept. of Commerce must be brought back to Trade Ministry from Foreign Ministry

Trade Minister Bandula Gunawardena on Saturday emphasised exports will be the only rescue to revive the debt ridden economy amidst gloomy global conditions caused by COVID-19 pandemic.

“A three-pronged strategy based on market diversification, product diversification and shifting towards high-technology sectors is needed to achieve a significant increase in exports,” Gunawardena told the ‘Sri Lanka Export Promotion Vision Forum’ organised by the Sri Lanka Export Development Board (EDB) in collaboration with the Trade Ministry at the NSBM Green University, Homagama.

The forum was the first large-scale public meeting the minister had with the exporter community since assuming duties.

Minister Gunawardena opined that a substantial amount of borrowing via sovereign bonds during the previous Government has put the economy under a severe stress with a large number of bullet payments falling due over the coming years.  The Minister also said that the President Gotabaya Rajapaksa is to gazette the new Export Development Council (EDC) of Ministers in terms of the EDB Act, which has not been convened for over 20 years.

Gunawardena believes the move will help resolve a longstanding impediment in terms of addressing the issues of exporters expeditiously. 

He assured the exporters that the Government would take prompt action to provide solutions to the difficulties faced by export industries with regard to sourcing raw materials from overseas due to the recent restrictions imposed on imports. 

In addition, the Minister pledged to establish an EXIM Bank in the mould of a development bank in Sri Lanka like in other countries to facilitate access of capital to entrepreneurs.

At the Forum, the representatives of industry associations pointed out that the Department of Commerce, which currently comes under the purview of the Ministry of Foreign Affairs, must be brought within the authority of the Trade Ministry. 

Minister also believed and agreed with the suggestion and promised to bring it to the Government’s attention.

A large number of exporters took part in the forum, and the event was also graced by State Ministers Lasantha Alagiyawanna and D.V. Chanaka, Trade Ministry Secretary Badra Jayawardena, EDB Director General Chitanjali Dissanayake, and BOI Director General Sanjaya Mohottala. 

EDB Chief welcomes reactivation of Export Development Council