AKD Sets $36 Billion Export Revenue Target for 2030 | VAT Refund System At Airport

COLOMBO (News 1st); Sri Lankan President Anura Kumara Dissanayake has announced a bold initiative to increase Sri Lanka’s export revenue to $36 billion by 2030, in line with the government’s policy of “A Thriving Nation – A Beautiful Life.” 

Speaking at the Export Development Council of Ministers (EDCM) meeting held at the Presidential Secretariat on January 27, the President outlined a comprehensive action plan to achieve this goal.

President Dissanayake highlighted that Sri Lanka’s export revenue, which was $16.1 billion in 2024, is projected to rise to $18.2 billion this year. 

By implementing a comprehensive action plan, we are confident of reaching our long-term goal of USD 36 billion by 2030, said the President.

He emphasized the importance of strengthening domestic production and transitioning to an export-driven economy by leveraging the country’s strategic location, skilled workforce, and natural resources.

This requires revitalizing struggling domestic manufacturing industries, enhancing the competitiveness of export sectors, promoting the services industry, and capturing global markets through innovative strategies, added the President.

Key decisions and initiatives discussed at the meeting included:

- Establishing a VAT refund system at the airport for goods purchased by tourists.

- Replacing manual inspection processes with an automated scanning system at Katunayake airport.

- Conducting domestic inspections of railway engines manufactured in Sri Lanka.

- Introducing renewable energy sources to reduce costs in the export industry.

- Allocating CESS fund resources to support entrepreneurs and investors.

- Establishing an Investment Facilitation Committee to support domestic and foreign investments.

- Offering export incentives for gems and jewelry through accurate valuation methods.

- Providing customs duty concessions on raw material imports for locally manufactured electronic equipment.

- Increasing bank guarantee limits to incentivize service exports.

- Prioritizing the digitalization of export industry data systems.

The President also addressed ongoing challenges in the export sector, including issues related to apparel exports, and emphasized the need for practical solutions with stakeholder consensus.

The EDCM, originally established in 1980, had been inactive for many years. 

The revival of the committee after a 28-year gap marks a significant milestone in Sri Lanka’s journey towards export excellence. The committee includes representatives from key ministries such as Trade, Shipping, Plantations, Agriculture, Industry, Textiles, Fisheries, Finance, Foreign Affairs, Supply Chain, and Rural Development.