The role of DEXIA as a growth institution with special responsibility for the development of exports continues to demand the type of policy direction that will facilitate the realization of its goal. When DEXIA was established in 1986, it was the intention of Government that DEXIA would discharge the dual functions of stimulation of exports and the stabilization of prices of essential commodities to the consumer.

Given the developments that have taken place in the international trade environment and the challenges posed by the World Trade Organization (WTO) and international financial institutions to DEXIA-type organizations, the contribution that DEXIA can make towards national development is becoming increasingly marginalized in the face of declining resources.

The period under review continues to register a gradual erosion of sales of rice with its concomitant reduction in revenues available to the Agency to fund its programmes. The funding arrangement, to use the proceeds of its rice and sugar operations, to fund programmes to stimulate growth in exports is seriously under threat.

It is important to note that most Trade Promotion Organizations (TPO's) including those from the developed countries receive substantial resources from government budgets to discharge their functions of export promotion and development. In fact the scope of export strategy has moved beyond the traditional focus on promotion and the paradigm has shifted to export development which takes into account the full ambit of issues affecting national competitiveness and long-term development.

The limited size of our domestic market even if we include the CSME is sufficient reason to convince us that our survival depends on exports. Hence export development should not be seen as the domain of a single entity like DEXIA but requires national commitment.

Export development is everybody's business and the resources both human and financial required to discharge that function should be given national priority and attention. The time is right for the development of a national export strategy that will harness all the available resources of the state, towards the goal of export growth and development.