Sri Lanka Export Development Board - 45th Anniversary

The 1st of August, 2024, marks the 45th anniversary of the Sri Lanka Export Development Board (EDB). The EDB was established in 1979 with the objective of establishing a strong government-level institutional framework to develop and promote Sri Lanka’s exports in order 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, its economy had predominantly relied on plantation crops in terms of export income. However, with the liberalisation of the economy post-1977, the Island has diversified its export portfolio to become a reliable supplier of apparel, high-quality spices, gems and jewellery, coir products, footwear and leather, rubber-based products (such as gloves and tyres), etc. It has also become a sought-after destination for software development, IT services as well as Business Process Outsourcing functions due to its highly skilled labour force. The country’s merchandize 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 organizing Sri Lankan country pavilions in international trade fairs, conducting training programmes, implementing government sponsored-assistance schemes, undertaking skills and technology upgradation, executing SME assistance activities addressing exporter issues, etc.

Evolving to meet the nation’s requirements
Over the last four decades, the world has evolved at a rapid pace. Identifying the necessity to adapt to the developments brought about by globalization, 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 tremendous potential Sri Lanka has got in the provision of services, a special focus is given to promote sectors such as ICT/BPM, Electronics and Electrical components, Wellness Tourism, Construction, Education Services, and Marine and Offshore services. In yet 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 recognized 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.

Furthermore, in order to extend the EDB’s services across the country, the Regional Development division was setup 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 cognizance of Sri Lanka’s socio-economic priorities.

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