The Sri Lanka Export Development Board (EDB). marked its the 45th anniversary on August 1.
The EDB was set up in 1979 to establish a strong government-level institutional framework to develop and promote exports to integrate with the global economy consequent to the adoption of liberal economic policies in 1977, and it has been at the vanguard in terms of promoting and developing exports in Sri Lanka for over four decades.
Before Sri Lanka embraced open economic policies in 1977, the economy had predominantly relied on plantation crops for export income. However, with the liberalisation of the economy post-1977, the Island diversified its export portfolio to become a reliable supplier of apparel, high-quality spices, gems and jewellery, coir products, footwear and leather, and rubber-based products (such as gloves and tyres).
The country’s merchandise export income, which was US$ 845.1 million in 1978, progressed to US$ 11,911 million in 2023.
The EDB, as the nation’s premier export promotion agency, from its formation in 1979, played a pivotal role in this transformation through its numerous untiring initiatives such as organising Sri Lankan country pavilions in international trade fairs, conducting training programs, implementing government sponsored-assistance schemes, undertaking skills and technology upgradation, and addressing SME exporter issues.
Evolving to meet the nation’s requirements
Identifying the necessity to adapt to the developments brought about by globalisation, technological advancement, and the progress of the country, the EDB too has transformed its scope, focus, as well as the nature of activities to stay in pace with the ever-changing business and commercial environment, both locally and globally.
Realising the potential Sri Lanka has in the provision of services, special attention was given to promote sectors such as ICT/BPM, electronics and electrical components, wellness tourism, construction, education services, and marine and offshore services.
In another manifestation of the Board’s virtue of responding to the timely requirements of the country’s economy, it developed the National Export Strategy (NES 2018-2022) which empowered the emergence of new export industries and services beyond the established export industries of apparel, tea, gems and rubber.
The boat building, spices and concentrates, food and beverages, ICT/BPM, electronics and electrical components, and wellness tourism were recognised as the focus sectors under this strategic plan. While four dedicated trade support functions were identified to facilitate all the sectors including the focus sectors.
The Regional Development division was set-up together with four regional offices in the Southern, Northern, North-Western, and Central provinces.
The EDB has also given a special focus to areas such as the development of women entrepreneurship and SMEs over the last decade in cognisance of Sri Lanka’s socio-economic priorities.
The EDB is also among Sri Lanka’s premier public sector agencies which promotes Organic Agriculture in Sri Lanka. Given the growing global demand for organic food and Sri Lanka’s potential to emerge as a reputed supplier of organic food products due to its fertile land and rich bio-diversity, the National Organic Control Unit (NOCU) was formed within the EDB in 2014 to standardise the organic farming in Sri Lanka.
The National Organic Certification Mark (NOCM), developed by the EDB, was made public last year. The NOCM provides an assurance of organic food quality and standardisation to build trust amongst consumers while verifying that the products satisfy the requirements of the National Organic Standard (NOS) SLS 1324:2018.
The Board has also implemented several assistance programs to enable farmers and processors in Sri Lanka to obtain organic certification as per the NOS.
Every year, the EDB organises a Sri Lankan country pavilion at BIOFACH – which is held in Germany and considered as the world’s largest annual organic trade show.
Achievements
Marking a moment of historical significance, Sri Lanka received its first ever Geographical Indication (GI) certification when the European Union (EU) Commission on 02nd February, 2022, granted GI status to Ceylon Cinnamon.
The outcome was a result of a painstaking, decade-long, arduous endeavour led by the Sri Lanka Export Development (EDB) with the support of numerous public and private stakeholders. GI registration enables to differentiate Ceylon Cinnamon in the EU market from its substitutes of lower quality.
It also serves as a source of competitive advantage which will help to increase market differentiation, product turnover and allow for a premium price from the consumer.
Looking forward to the future
Following the unprecedented and most severe economic crisis in Sri Lanka’s post-Independence history, a gradual economic revival can be observed due to the prudent and timely policy adjustments implemented by the Government.
As the island finalises external debt restructuring and forges ahead towards economic progress, exports are anticipated to play a critical role within the realm of socio-economic development.
In the journey towards becoming a developed nation by 2048, the EDB is determined to serve the nation by undertaking its role as the nation’s apex export promotion agency to propel an era of hope and prosperity.
