Govt. embarks on industry revival plan after over 200,000 factory closures
View(s):The government is preparing a revival plan for the industrial sector in the aftermath of the unprecedented setback suffered by manufacturing and services during the recent economic crisis, National Planning Department sources said.
This plan will be carried out with Parliamentary oversight, holding the entire political system accountable for meeting the goals set out for industry revival.
Export and manufacturing industries are to be prioritised as it is the foreign exchange earned from these industries that pay for the country’s essential imports, primarily fuel and pharmaceuticals, an official of the department disclosed.
The operating environment for export-oriented industries will be strengthened, with the supply of energy and import of essential raw material continuing uninterrupted, he added.
The industry revival is now deemed necessary as this sector has been badly hit by fuel shortages, unreliable electricity supply, lack of raw material and the precarious state of external finances during -2021-2022 period, the official said.
The downturn in several manufacturing sectors, including food, beverage, textiles, garments, rubber and plastics products, reveals reduced demand locally and a drop in exports, particularly in the apparel industry. The economic crisis coupled with electricity disruptions, fuel shortage and raw material import restrictions has caused the industry to suffer which resulted in the closing down of over 200,000 factories during 2019-2022 period.
According to the latest report issued by the Department of Census and Statistics, 263,200 industries in Sri Lanka have closed down
in the last four years (from 2019 to 2022) due to the economic setback.
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