Export revenue to top $ 8,500 m in 2008 despite financial turmoil - CB Governor

Despite the global financial turmoil, this year's export revenue will exceed US$ 8,500 million and by 2010, it will reach the US$ 10 billion mark, said Central Bank Governor, Ajith Nivard Cabraal.

He was addressing a ceremony to mark the 16th Export Awards of the National Chamber of Exporters (NCE) at the Colombo Hilton.

Cabraal said many industries can reach the US dollar one billion mark.

They should take the cue from the tea industry and achieve their targets.

"Despite inflation growth, non tariff barriers and high interest rates the country's export revenue has grown. The export sector will have to be ready to face the adverse consequences of the US financial crisis", he said.

The apparel, tea, gem, jewellery and many other export sectors have shown a remarkable growth despite the global challenges. Improving quality, brand management and effective marketing strategies are vital to enhance export revenue.

Cabraal said Sri Lanka's Per Capita Income has increased to US $ 1,600 from US$ 900 which is a commendable achievement.The regional income level disparity has to be bridged with policies that will have trickle down effects.

"The industrial sector needs to improve productivity and not depend on concessions for exports. There is a grave need to promote niche products, build brands and loyalty for markets", he said.

Minister of Enterprise Development and Investment Promotion. Dr. Sarath Amunugama said the country needs to develop a culture of entrepreneurship and create a conducive environment for enterprises to grow.

"With the commissioning of the Norochcholai, Kerawalapitiya and Uma Oya power plants in 2010, the country's energy sector will develop", he said.

President NCE, Rohan Fernando, said the cost-of-living cannot be brought down by changing regimes.

A better quality of life can be achieved only by increasing productivity and achieving a higher GDP growth.

This year's NCE awards were unique in that for the first time a husband and wife won awards at the same competition.

Managing Director, Textile Lanka Apparel (Pvt) Ltd. Ananda Bandara received the gold award while his wife Hemali Bandara, the Director of the company won the best Woman Exporter of the year 2007 award.

G.P. De Silva and Sons International (Pvt) Ltd., Imperial Tea Exports (Pvt) Ltd. and Blue Diamonds Jewellery Worldwide PLC clinched the Most Outstanding Exporter awards.

LF