Economist Sheran Fernando said Sri Lanka could double its exports from USD 10 billion per year to 20 billion within three to five years if the country can attract FDIs in areas related to industrial manufacturing.

In an opinion piece published in the Daily News, Fernando has said even though Sri Lanka is facing the possibility of a global recession and global economic uncertainty, the country can still navigate the troubled waters.

"There are still opportunities for us to double our exports from around US$ 10 billion per year to around US$ 20 billion within three to five years, if we can attract FDI in areas of industrial manufacturing that will cater to the tomorrow’s world. Areas such as technology, renewable energy and the export thereof, manufacture of energy storage systems, and sustainable mobility products could be concentrated on. These are blue oceans that Sri Lanka could use her geographical positioning to set up regional and global export bases," Fernando said in his article.

"To attract investment, we need to restructure our governance. Our legislature and executive need to heed the President’s request and collaborate to get Sri Lanka out of the crisis she is presently in. We could look at the business community to assist the Government by being a catalyst. They can build consensus within the legislature to support strategies that are required to attract FDI that will grow our exports. Concurrently pressure can be exerted on the Government to address the fiscal deficit through reduced Government expenditure and SOE reform," he added.