EDB addresses US tariff challenge with industry leaders

Rather than viewing the 20 per cent US tariffs in isolation and as an obstacle, a meeting between the government and Sri Lankan industry leaders on Wednesday focused attention on strategies for market diversification, product innovation, improving operational efficiency, and adding value to maintain competitiveness.

The meeting was organised by the Development Board (EDB) on the new US trade tariffs with the presence of high-level government officials and numerous export sector representatives, the EDB said in a media release

EDB Chairman and CEO Mangala Wijesinghe emphasised the importance of a unified programme in the export industry to face the tariff challenge. Treasury Secretary Dr. Harshana Suriyapperuma, provided important insights into the government's financial strategy to support exporters affected during this challenging period while Secretary of the Ministry of Industry and Entrepreneurship Development, J.M. Tilaka Jayasundara, provided special insights into industrial adaptation strategies and innovation, and Secretary of the Ministry of Trade, Commerce, Food Security and Cooperative Development, K.A. Vimalenthirarajah, shared views on immediate and long-term trade policy responses.

A special feature of this discussion was a presentation on "market opportunities available to Sri Lanka under new American tariffs" presented by Acting Director of Market Development Division, Saumya Kannangara. This presentation outlined the potential for Sri Lankan exporters to diversify their exports to find new market segments, develop alternative trade strategies, and reduce dependence on US markets.

The session concluded with the aim of continuous dialogue, follow-up meetings, and utilising emerging opportunities in European, Asian, and other international markets while minimising the immediate impact of tariff restrictions.