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Thursday Dec 12, 2024
Monday, 31 August 2020 00:30 - - {{hitsCtrl.values.hits}}
By Charumini de Silva
The Export Development Board (EDB) yesterday welcomed the Government’s decision reactivate the Export Development Council (EDC), noting that it will be a game-changer in the post-COVID-19 economic transformation of Sri Lanka.
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| EDB Chairman Prabhash Subasinghe
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“Reactivating the EDC is an incredible news to the export community. For several years we have never had this type of a functioning body or a cohesive methodology to resolve our problems related to exports. The new EDC will work in tandem with the national export strategy and be a game-changer for the economy,” EDB Chairman Prabhash Subasinghe told the Daily FT.
Trade Minister Bandula Gunawardena on Saturday revealed that President Gotabaya Rajapaksa has gazetted the establishment of an Export Development Council of Ministers in terms of the EDB Act No.2 (1). The EDC is subject to any general or special directions given by the Cabinet of Ministers, and is responsible for the formulation and implementation of National Export Development (NES) policies and programs.
The EDC will be chaired by President Gotabaya Rajapaksa, and comprise ministers in charge of the subjects of trade, shipping, industries, agriculture, plantation industries, textile industries, fisheries, finance, foreign affairs, planning and rural industries.“This (EDC) will be a game-changer for the export community,” Subasinghe said, adding that he believes President Rajapaksa will guide Sri Lanka’s economy through directions given to EDC while also attending to the inter-ministerial coordination.
Renewing EDB’s confidence that exports will continue to grow in the post-COVID era, Subasinghe said the move amplifies the importance of the sector in economic revival.
Noting that this is also the first policy move by the new Trade Minister Bandula Gunawardena, the EDB Chairman commended his efforts for suggesting EDC for the development of the sector going forward.
“We are optimistic and anticipate that the steady growth trend in exports would continue in the last quarter as well,” Subasinghe said.
Proving the country’s resilience and rebound amidst the COVID-19 impact, merchandise exports in July crossed the $ 1 billion mark, an achievement last enjoyed in January this year. Sri Lanka witnessed a continuous pick up in exports as against $ 587 million in May and $ 906 million in June. Soon after the pandemic erupted exports in April fell to $ 277.4 million. Merchandise export target for 2020 is $10.75 billion.
