Forex crunch: Course correction called for

Since 2015 the Export Development Board has been trying to implement the National Export Strategy (NES) with few salient features which can enhance our foreign currency reserves

A few of them are development of boat building for export coupled with nautical tourism in addition to the development of spice trade, digital technology transformation, and development of wellness tourism.

Nautical tourism coupled with wellness tourism can be a winner for the country during the current pandemic where foreign tourists can be wooed to travel to Sri Lanka to spend their time to holiday and to recuperate after contracting Covid-19

Many medium sized cruisers are laid up in many parts of the world and Sri Lanka can hire them at a reasonable fee and deploy them from Port City Hambantota, Galle and Trincomalee

Various hotels, close to those harbours can provide staff and food to these cruisers with few private hospitals providing medical facilities

Proposals were submitted to the task force but no attention was paid by the SriLanka Tourism Development Authority

Sailing from one port to another by sea could avoid the tourists contacting locals to prevent spread of COVID-19.

EDB has also formulated an Advisory Board to develop Marine and Offshore Industry by enhancing infrastructure in the Trincomalee Harbour to deploy more Oil Rigs for lay up during this lean period of Oil and Gas

exploration and Production.

Local contractors and chandeliers could benefit and more youth employment can be generated

Unfortunately, the government has not understood the potential

Another matter brought up by the advisory’s board Is to promote the Port City exclusively for foreign firms who are engaged in providing outsourcing facilities to Design and Project Management of Oil platform and oil tanker conversion to Oil drilling platforms. Sri Lanka has decided to provide a tax amnesty to investors but more Road Shows should be organised  to promote these facilities

Two other main features in Marine and Offshore Industry Development is to encourage Sri Lanka. Educational institutions to change their outdated curriculum to educate more technical staff to train in Disciplines connected to Oil and Gas Industry

Despite efforts by EDB with support from advisory boards, the government has not understood the potential

This exercise can be a winner for Sr Lanka to bring more foreigners to study in Sri Lanka

Dr Sarath Obeysekera

London