Boosting Sri Lanka's Manufacturing Sector: Strategic Plans and Achievements Target Set for 2030: The Sri Lankan government aims to in...
Boosting Sri Lanka's Manufacturing Sector: Strategic Plans and Achievements
Target Set for 2030: The Sri Lankan government aims to increase the manufacturing sector's contribution to the GDP from 16% to 20% by 2030. This ambitious goal is part of a broader strategy to establish a globally competitive industrial base, which also includes raising entrepreneurship’s role in the workforce from 2.8% to 7% and increasing industrial exports' share of GDP from 14% to 20%.
Key Developments and Initiatives:
Policy and Legislation: The "National Industry Policy" and a five-year strategic plan for 2023-2027 have been submitted to the Department of National Planning. Additionally, amendments to the Industrial Promotion Act are under review by the Attorney General’s Department.
Industry Registration and Growth: By June 2024, 3,925 manufacturing industries were registered, with a new online system enabling global access.
Economic Contributions:
- Mineral Resources: Lanka Mineral Sands Limited generated USD 20.33 million from mineral sand sales in 2023.
- Rock Phosphate: Lanka Phosphate Limited produced approximately 50,000 metric tons, earning Rs.1,080 million in 2023-2024.
- Gems and Jewellery: The sector contributed USD 478 million in 2023, with USD 194 million by June 2024.
Support for SMEs: The revolving fund loan scheme supported 179 projects with Rs.1,647 million in 2024, promoting leadership and entrepreneurship in small and medium enterprises.
Environmental Initiatives: Rs.256 million was allocated for 15 environment-friendly projects in 2024.
Special Events and Recognitions:
- National Industry Day: June 22 was designated as National Industry Day, with annual exhibitions starting from 2023.
- International Exhibitions: The National Gem and Jewellery Authority hosted an international exhibition with 83 booths in 2024.
- Shilpa Abhimani Awards: The National Handicrafts Presidential Awards Ceremony in 2023 honored 508 artisans.
Leadership and Collaboration: Key figures, including Dr. Saranga Alahapperuma, Viraj De Silva, and others, played vital roles in these initiatives, underscoring a collaborative effort across various sectors to drive economic growth and industrial development in Sri Lanka.
These measures are designed to build a resilient economy and a robust industrial sector, positioning Sri Lanka as a competitive player in the global market by 2030.
No comments