Sri Lanka has outlined a clear economic strategy to increase exports and strengthen its foreign exchange reserves. The government is focusing on developing Free Trade Agreements (FTAs), with an ambitious objective of increasing apparel exports to $8 billion by 2030. Officials stated that market diversity is essential for long-term stability, as global demand for high-quality clothes rises.
According to Abeysinghe, expanding trade partnerships will not only secure new markets but also better integrate Sri Lanka into global supply chains. He stated that the approach is more than just selling items abroad; it is also about creating long-term value, promoting innovation, and increasing the reputation for the ‘Made in Sri Lanka’ brand. Apparel exports will generate more than $5 billion in 2024, highlighting the sector’s importance to the economy and role in supporting thousands of workers.
Along with trade reforms, the government intends to repeal the President’s Entitlements Act of 1986, which gave substantial benefits to former leaders and their families. This initiative cost more than 1.1 billion rupees (US$3.7 million), in 2024 alone. The Cabinet’s decision to abolish the law has been described as a decisive step toward accountability and fiscal discipline.
