ADB remains committed to supporting Sri Lanka’s broader trade, investment, and industry reform agenda through policy-based lending, technical assistance, analytical work, policy dialogue, and capacity building, Shannon Cowlin , Country Director, Asian Development Bank said addressing the National Export Development Plan (NEDP) launch in Colombo on Tuesday.(16)
Cowlin also assured support for Sri Lanka’s broader macroeconomic reform objectives, including the rebuilding of external buffers under the IMF-supported programme. “The NEDP is therefore timely. It provides a national framework to diversify Sri Lanka’s export base, expand into new markets, and strengthen enterprise competitiveness.”
“Our focus will remain on helping translate reform priorities into practical, measurable outcomes, in partnership with the government, the private sector, and other development partners,” she observed.
Cowlin said launch of the NEDP comes at an important point in Sri Lanka’s recovery and the country has made significant progress in restoring macroeconomic stability but cautioned that at the same time, the recovery remains exposed to external shocks and structural constraints. “This is why growth-oriented reforms are so important to build further resilience. Recent developments show how quickly external pressures can affect the economy. Export earnings have continued to grow, but import expenditure has risen much faster, driven in part by higher fuel import costs.”
She opined that this has widened the trade deficit and made reserve accumulation more difficult and in this context, export development was not only about increasing trade volumes. Stronger and more diversified exports can generate non-debt-free able foreign exchange, support reserve buffers, reduce reliance on external borrowing, and help Sri Lanka better withstand future shocks.
The ADB Country Director also assured support for Sri Lanka’s broader macroeconomic reform objectives, including the rebuilding of external buffers under the IMF-supported programme. Cowlin further noted that the NEDP provides a practical framework for translating export ambition into focused priorities, identifying where Sri Lanka can compete, addressing binding constraints, and coordinating public and private sector efforts.
ADB’s recent work on global value chains reinforces the importance of this agenda. Competitiveness today is no longer determined only by low costs. It increasingly depends on reliability, standards compliance, digital readiness, investment linkages, and the ability of firms to move into higher-value activities. This is especially relevant for Sri Lanka. The country’s export base remains narrow, and participation in regional and global value chains remains below potential. She added that the launch of the NEDP is an important milestone, but the real test will be implementation.
Source : Daily News
