Export Development Board confident export sector will steer country out of COVID-19 crisis

The Export Development Board (EDB) yesterday renewed its call to the government and the business community to give utmost prominence to local exports and stressed it is imperative to recognize the sector as the nation’s top priority as the country appears to have contained the spread of coronavirus successfully. The EDB said that as the ongoing crisis due to pandemic intensifies globally, the agency has taken the stance that it is the country’s export sector that will steer the national economy out of the 
challenging position.

“During these times of unparalleled circumstances, we see a large impact on Sri Lanka’s foreign direct investment, our tourism sector and our country’s overall economic standing. Therefore, we ask other government agencies to recognize and support the export sector during this time,” the EDB said.

Having recognized the role the sector can play in assisting the economy to overcome shocks of the ongoing global crisis, the agency urged exporters to take immediate action to get back on track so that there is an inflow of foreign exchange.

Given that the businesses would be operating in an entirely new landscape hereon, the EDB advised exporters to evaluate new opportunities and new markets, while taking steps to make businesses more efficient and more agile.
Stressing on the importance of accessing new products, the EDB pointed out that product diversification is extremely important and the agency stands ready to extend support in finding new products, new markets and 
new opportunities.

For businesses that are not seriously impacted by this crisis and still have reasonably full order books, the EDB said it is vital for such entities to go into total production and fulfill export orders.  

The agency reiterated that along with the Board of Investment (BOI), it is willing to lead the initiative in supporting all exporters and ensuring their return to business.