Sri Lanka accelerates export reforms as President chairs second EDCM meeting

Announces series of new policy measures and infrastructure initiatives to push towards $ 36 b target by 2030 Reviews progress on 10 priority initiatives; several near completion EDB reports full ITRS rollout for export services, near-finished tariff review for electronics, railway test facility upgrades, cargo scanner installation at Katunayake and higher bank guarantee ceiling for overseas construction from $ 1 m to $ 5 m New measures to expand Freeport to 60 operators, develop Trincomalee Harbour as marine hub, scrap $ 200 OPL levy at Galle and Hambantota Agriculture duty set-offs for poultry, spices, boost gem and jewellery exports, aid tea smallholder replanting Sector reforms include; lift pharma brand limit, remove 18% VAT on packaging, promote renewable energy in high-power exporters Coconut industry target $ 2.5 b exports by 2030 via targeted imports and Northern plantations President orders creation of Investment Facilitation Committee, faster implementation and monthly progress tracking

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PRESIDENT Anura Kumara Disanayake on Tuesday chaired the second Export Development Council of Ministers (EDCM) meeting at the Presidential Secretariat, announcing a series of new policy measures and infrastructure initiatives aimed at propelling Sri Lanka towards its $ 36 billion annual export revenue target by 2030.

The high-level session reviewed the progress on 10 priority export facilitation initiatives identified during the inaugural meeting in January, with several reaching advanced stages of implementation.

During the meeting, the Export Development Board (EDB) reported significant achievements, including the full rollout of enhanced data collection systems for export services such as education, marine, and offshore industries through the Central Bank's International Transaction Reporting System (ITRS). Key advancements include a near completion review of import duties and para tariffs in the electrical and electronics sector, proposals for tariff reforms submitted to the National Tariff Policy Committee, infrastructure upgrades with railway testing facilities for locally manufactured power trains, and the introduction of scanner technology at Katunayake Air Cargo Village.