National Export Development Plan: past mistakes should not recur

THE EDB has initiated the process of formulating the National Export Development Plan (NEDP) 2025-2029 in collaboration with the Asian Development Bank (ADB).

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The strategic export development plan is being developed as part of a policy-based loan program between the ADB and the Industry and Entrepreneurship Development Ministry, and it aims to position exports as a key driver of the economic transformation which is necessary for the island to become a developed economy.

A core strategic goal of the NEDP is to raise Sri Lanka’s export revenue to $ 36 billion (excluding tourism receipts) by 2030 in alignment with the Government’s vision of ‘A Thriving Nation — A Beautiful Life’.

The target itself appears quite daunting and ambitious given the sluggish growth of merchandise exports in the recent past. Over the last decade or so, the value of Sri Lanka’s merchandise exports in particular has been oscillating without taking off. In 1990, Sri Lanka’s exports were $ 2 billion and were on par with that of Vietnam and Bangladesh.

However, the two competitors had leapfrogged over the last three decades whereas the South Asian Island had languished. In 2023, Vietnam’s exports were $ 355 billion and Bangladesh’s exports were $ 60 billion while Sri Lanka’s corresponding figure was miserly $ 12 billion.