Five Export Diversification Options for Sri Lanka

I decided to write an article providing five options I think Sri Lanka can diversify its exports into. I’d like to point out that this isn’t a detailed analysis on how it can be done. It’s my own ideas on improving Sri Lanka’s exports.

Computers & Electronics

Products I’m thinking of are desktops, laptops, tablets, mobile phones and televisions. We can make agreements with international computer & electronics companies to manufacture components of those devices with the goal of making complete devices. Sri Lankan brands can also manufacture computers & electronic items. It’s important to note that the Sri Lankan company EWIS is successfully manufacturing computing devices. EWIS collaborated with Singhagiri to launch Sri Lanka’s SGL Android Smart TV in January 2023. This Smart TV is manufactured in Sri Lanka.

Visual Effects for Hollywood

I’d like to see a Sri Lankan visual effects company work on Hollywood films. Hollywood has outsourced visual effects to some companies in Asia. Even if it’s a very small contribution, it would be a win. We can start this with goals of where we want to be over the next 10 years. As a Sri Lankan sci-fi fan, I would love to see a Sri Lankan visual effects company working on a sci-fi blockbuster. There is also the possibility of securing Sri Lankan offices for international visual effects companies. Hollywood visual effects work would bring in jobs and revenue to Sri Lanka which could help with the issue of brain drain.

Pianos & Keyboards

I think Sri Lanka could get into the industry of making pianos and keyboards. Pianos include grand pianos, upright pianos and digital pianos. Digital pianos and electronic keyboards would also tie into computers & electronics I mentioned above. We can learn from Indonesia, another tropical country which is a successful piano manufacturer. There are pianos of the Japanese brands Kawai and Yamaha made in Indonesia.

Vehicles

Sri Lanka has the potential to get involved in vehicle manufacturing. The Sri Lankan company Vega Innovations has made the Vega EVX, Sri Lanka’s first electric sports car. This project has been promoted for many years, so it would be good if it could begin its sales soon. Last year, Vega Innovations introduced the electric three-wheeler Elektrateq ETX. Electric three-wheelers are a good market to focus on due to three-wheelers’ environmental issues and their use in both Sri Lanka & the developing world. Moving back to cars, I don’t think we should focus exclusively on luxury vehicles as it’s important to make cars for regular consumers.

Planes

I believe planes is an industry Sri Lanka can get involved in. It’s not well known that Sri Lanka already has a boatbuilding industry. Expertise from that industry can be transferred to the manufacturing of planes. It’s good to start off with small planes and have a goal to eventually build aeroplanes. In the aviation sector it’s unfortunate to hear negative stories of Sri Lankan Airlines. Making aeroplanes would be something positive that could transform Sri Lanka’s aviation sector.

Those were my suggestions for Sri Lanka’s export diversification with some real-life initiatives mentioned. Feel free to give your thoughts on this issue including if there are other industries you think Sri Lanka should get involved in as an exporter.

Sri Lankan Private Sector Development Proposal

In this article, I am proposing an idea for the Sri Lankan private sector to develop Sri Lanka. It would

be an initiative that many private companies would partake in, independent of the government. This

initiative would have the participation of many private companies with an aim to take Sri Lanka

forward, based on what the private sector is capable of doing in its current setup. This project would

be profit making, but with a motivation to improve the country. I’m aware that the way the private

sector operates is by competition, but the private sector is known to sometimes collaborate on

certain issues. I hope my idea will get people thinking about the feasibility of this initiative. I’ll now

mention my ideas on how this project could go about.

Those responsible for this project would study and take note of the strengths the private sector has

over the public sector. They would avoid ideas that may be controversial and/or seemingly tied to a

political ideology. This is as there will be Sri Lankans of different political views working together on

the project. Finding common ground is important, where the project planners would come up with a

list of common objectives that Sri Lankans across the political divide want for the country. They

would then narrow the list down based on factors like cost and practicality.

This project would have a plan consisting of a timetable that’ll list by what date things can get done. The project would go on irrespective of any changes that happen in government. This would give international investors a consistent message of changes and changes in the pipeline that can garner their investments. This would also give Sri Lankans an ability to see how good this team is going ahead with their plan and use it to hold them to account.

I’ll now list some improvements this project could deal with:

• More investments are needed in Sri Lanka’s manufacturing sector to boost exports. Work on increasing domestic investments in the manufacturing sector as well as in other sectors.
• Work on obtaining more FDIs (Foreign Direct Investments) in the manufacturing sector and other sectors. 
• Work to combat bribery and corruption in the private sector.
• Work to improve the ethical conduct of the private sector.
• Work to improve job opportunities, thus reducing the number of unemployed people in Sri Lanka.   
• Take steps to increase the average wage in Sri Lanka. 
• Have entrepreneurship as an important factor of this project where entrepreneurship is encouraged and looked out for.
• Find ways to remove the hassles of getting things done in Sri Lanka.
• Come up with a list of efficient service ideas businesses can use to improve their service delivery for both consumers and the businesses. Following that, work on implementing the practical ideas.
• Work on developing solutions to Sri Lanka’s problems that businesses can fix with new services.
• Work on getting major international businesses to set up shop in Sri Lanka where the project team communicates to these international companies how a Sri Lankan presence can benefit them.
• Work on increasing and diversifying Sri Lanka’s exports.
• Work to make Sri Lanka a hub based on its strategic location. 

This was a idea I came up with for the Sri Lankan private sector to develop Sri Lanka. There are

more things that could be done not listed here. I’d be interested in hearing people’s thoughts on my

proposal and people’s ideas of what a project like this could do. I think that if the private sector

works together in a plan like this, they are capable of taking the country further.