Colombo, (IANS) The Sri Lankan government on Thursday said it hoped to increase its exports to $30 billion by 2020, in order to strengthen its frail economy and compete with regional markets.

Speaking at an event to launch the World Export Development Forum 2016, which will be held in Sri Lanka in October, International Trade Minister Malik Samarawickrema said the country’s share of global exports had been on the decline, Xinhua news agency reported.

He said the government now intended to increase it.

“Sri Lanka’s exports of goods and services amounted to about $17 billion only in 2015. This is less than 20 per cent of the GDP. While in countries such as Malaysia, Thailand and Vietnam, exports exceed 70 per cent of GDP,” Samarawickrema said.

Sri Lanka, he said, hoped to increase its exports through the Economy and Technology Cooperation with India which is to be signed this year and a comprehensive agreement with China.

“Trade and investment with the US is also being enhanced under a 5 year action plan under the Trade and Investment Agreement. At the same time we are also considering FTAs with Singapore, Malaysia and Turkey,” he said.