Govt. plans to empower 21,000+ industries
The Sri Lankan Government is set to implement strategic plans aimed at enhancing the competitiveness of over 21,000 small and medium-scale industries across the country.
Minister of Industries and Health, Ramesh Pathirana, emphasised the importance of aligning with Indian industrial developments and collaborating with global partners to advance these objectives.
This initiative is part of Sri Lanka’s broader strategy to transition towards an export-oriented economy, with the manufacturing sector playing a crucial role.
Minister Pathirana, in a statement, highlighted the need for the manufacturing sector to evolve into a competitive and digital economy. This transformation aligns with the country’s goal of achieving zero carbon emissions and fostering a green economy.
The government is committed to supporting this evolution by providing the necessary resources and infrastructure to ensure that Sri Lankan industries can compete on a global scale.
One of the key initiatives is the establishment of a new development bank, which will offer financial support to industrialists in Sri Lanka.
This bank will provide loans at low-interest rates, making it easier for industrialists to invest in their businesses and enhance their competitiveness. Additionally, plans are underway to set up an Economic Commission to oversee these activities.
A recent survey by the Department of Census and Statistics revealed that Sri Lanka is home to 21,260 industrial establishments, with the majority (17,847) being small and medium-sized enterprises. The industry sector employs approximately 1.48 million people, highlighting its significance in the country’s economy.
Brahman Balaratnarajah, re-elected chairman of the Industrial Association of Sri Lanka (IASL) and Deputy Managing Director of Haycarb PLC, emphasised the resilience of Sri Lanka’s industrial sector amidst economic challenges.
Addressing the AGM of IASL, he reaffirmed the association’s commitment to supporting the government’s strategic goals, particularly in innovation and sustainability.
Mr. Balaratnarajah urged the industry to align with global trends, focusing on technological advancements and the development of a skilled workforce, with a particular emphasis on Generation Z.
Sri Lanka’s manufacturing sector has shown positive momentum, as evidenced by the country’s Purchasing Managers’ Index (PMI) for manufacturing, which stood at 59.5 in July.
The Central Bank reported that all sub-indices contributed to this continuous expansion, driven by strong performance in the textiles and apparel sector. The production of food and beverages, as well as textiles and apparel, saw significant improvement during this period.
In the first quarter of 2024, Sri Lanka’s apparel industry achieved a significant milestone, with revenue surpassing the US$1 billion mark. Exports grew by 7.7 per cent in March, with particularly strong performances in Europe and the UK.
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