World Bank Urges Export Reforms; EASL Elects New Leadership 📈

The Exporters’ Association of Sri Lanka (EASL) held its 29th AGM, electing Mr. Nalaka Ratnayake as the new Chairperson, supported by Mr. Manuje Hordagoda (First Vice Chairperson) and Ms. Rozanne de Almeida (Second Vice Chairperson). Key highlights and economic priorities discussed: • The Productivity Gap: Chief Guest Gevorg Sargsyan (World Bank Country Manager) highlighted that Sri Lanka's manufacturing value-added per worker is less than half of Vietnam's and ~33% of the Philippines'. Sri Lanka was the only peer economy with negative labour productivity growth in 2024. • World Bank's Three Priorities: To accelerate growth and job creation, Sri Lanka must lower the cost of doing business, expand market access, and attract higher-quality foreign direct investment (FDI). • EASL Advocacy & Reforms: Immediate Past Chairperson Yohan Lawrence noted ongoing lobbying on critical issues, including the repeal of the Simplified Value Added Tax (SVAT) scheme, trade facilitation, and the National Single Window. • Future Export Vision: Newly elected Chairperson Nalaka Ratnayake called for fast-tracking trade digitalisation, boosting logistics, driving export diversification, integrating into global value chains, and increasing SME participation. The newly formed Executive Committee features major industry players spanning key Sri Lankan sectors including tea, agriculture, manufacturing, and banking.