Adding value to Chinese Electrical Components for re-export
Sri Lanka is now moving up the global manufacturing value chain by bringing in electrical equipment and components made in China and adding a 25 per cent value in the island for re-export, industry Ministry officials said.
The Government focuses attention on trade and investment reforms and combining them with a proactive investment promotion campaign, investing in innovation capabilities, and overall reducing ‘service link costs’ for fitting domestic firms into global production networks.
Deputy Minister of Industry and Business Development, Chaturanga Abeysinghe disclosed that the country is implementing a programme to increase its exports of electrical equipment and components, aiming to raise this figure to US$1 billion, particularly through the export of electrical equipment and components.
He was speaking at the launching ceremony of the partnership of Sri Lanka’s leading electrical equipment and accessories manufacturer, The ME Group, and China’s Dvolt Electric Ltd to expand the global sales of electrical equipment and accessories, thereby increasing foreign exchange earnings.
He emphasised the need to enhance private sector entrepreneurship to achieve this goal. Currently, Sri Lanka earns over US$ 420 million from the export of electrical equipment and components, and efforts are underway to increase this to $ 1 billion.
He noted that The ME Group, which is a leader in the electrical equipment manufacturing sector in Sri Lanka, and Dvolt Electric Ltd from China are collaborating to increase foreign exchange earnings by exporting electrical equipment globally.
The ME Group, which started in 1995, is one of Sri Lanka’s top electrical equipment manufacturers. The group is collaborating with Dvolt Electric Ltd, a leading Chinese company among the top 100 in the electrical equipment industry, to import 180 of their products to Sri Lanka, and add value before re-exporting to countries like the US and European Union nations.
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