[ad_1]
Shantha Weerasinghe, Secretary General of the Ministry of Industries, announced that the National Industrial Policy and the five-year strategic plan for 2023-2027 have been prepared and submitted to the National Planning Ministry.
The plan aims to build a national industrial base that is globally competitive. By 2030, the policy aims to increase manufacturing’s contribution to GDP from 16% to 20%, boost entrepreneurship among the workforce from 2.8% to 7%, and raise the share of industrial exports in GDP from 14% to 20%.
The Secretary of State, speaking at a press conference titled “Two Years of Progress and the Way Forward” held at the Presidential Press Center today (31st), noted that the final draft of the Industrial Promotion Law Amendment Bill has been submitted to the Attorney General’s Department for approval to ensure that it meets current and future needs.
The Secretary of the Ministry of Industry further explained;
The Ministry of Industry has played a vital role in reviving the country’s economy during past economic crises. Our 2030 goals include increasing the contribution of manufacturing to GDP from 16% to 20%, increasing the role of entrepreneurship in the workforce from 2.8% to 7%, and increasing the contribution of industrial exports to GDP from 14% to 20%. In order to achieve these goals and build a globally competitive national industrial base in Sri Lanka, a five-year strategic plan for 2023-2027 has been prepared and submitted to the Ministry of National Planning.
In addition, the final bill amending the Industrial Promotion Act has been submitted to the Ministry of Justice for approval to ensure that the Act meets current and future needs. A Standard Operating Procedure (SOP) was also introduced, outlining the guidelines, regulatory procedures and “local value addition theory” for local vehicle assembly. Following its implementation, the country has approved 70 new vehicle models and 29 vehicle assembly plants.
The Ministry of Industry has introduced a manufacturing registration system, with 3,925 registered manufacturing companies as of June 2024. Currently, manufacturing registration can be done online and is accessible worldwide.
Under the initiative to strengthen leadership and entrepreneurship in SMEs, the Revolving Fund Loan Scheme has disbursed Rs 293.4 million for 33 projects in 2022. In 2023, Rs 175.3 million has been disbursed through 10 institutions (banks) for 176 projects. So far in 2024, Rs 164.7 million has been disbursed for 179 projects.
Under the Environment-Friendly Projects, the Revolving Fund Loan Scheme has disbursed Rs 293.4 million for 33 projects in 2022 and Rs 155 million for seven projects through 11 participating lending institutions (banks) in 2023. Till 2024, Rs 256 million has been provided for 15 projects.
The Valaichchenai paper mill, which was revived through the restructuring of state-owned enterprises, produced a total of 3,899.37 metric tons of paper from 2022 to April 2024. In addition, the Embilipitiya paper mill, which adopted a public-private partnership, started production in April this year with KSPA Embilipitiya Papermills (Pvt) Ltd.
Under the mineral resources optimization utilization plan, Lanka Mineral Sands Co., Ltd. adopted a new sales method and made its first sale in 2023, earning US$20.33 million in revenue from the sales of 62,150 tons of mineral sands and US$14.1 million in revenue from the sales of 30,000 tons of zircon concentrate.
During 2023-2024, Lanka Phosphates Limited produced about 50,000 tonnes of phosphate rock, from which it earned Rs 108 crore.
In addition, the export of gems, jewellery and diamonds is estimated at $478 million in 2023, contributing $194 million to the national economy by the end of June 2024. To support this goal, 27 gem trading stalls have been set up, including an export centre, a fully equipped gem laboratory and an export centre at Demuwawatha in Ratnapura, built at a cost of Rs 450 million.
There are plans to set up a cinnamon-focused processing centre within the Kalandonia Cinnamon-related industrial park. The centre will provide facilities for 100 cinnamon growers and suppliers, creating value-added opportunities and bringing their products to international markets.
In 2024, the National Gem and Jewellery Authority successfully organized the International Gem and Jewellery Exhibition with a total of 83 booths from local and international participants.
In 2024, the National Gem and Jewellery Authority successfully organized the International Gem and Jewellery Exhibition with a total of 83 local and international booths.
To promote the manufacturing industry, June 22 has been designated as National Industry Day, and the National Industry Expo is scheduled to be held annually starting in 2023. The June 2024 International Industry Expo will feature more than 1,000 exhibitors from five industries.
In addition, the ProFood ProPack international trade fair, aimed at supporting small and medium-sized food producers, was successfully held in 2023. The event had 50 local and international exhibitors, 300 booths and attracted 25,000 visitors. The next exhibition will be held in August 2024 and is currently under preparation.
In 2023, the ‘Shilpa Abhimani’ National Presidential Award for Handicrafts, Exhibition and Awards Ceremony honoured 508 artisans for their contribution to the handicraft industry.
In addition, the National Enterprise Development Authority is implementing the “Made in Sri Lanka” trade fair program to provide market opportunities for micro-entrepreneurs looking to start or expand their businesses. The program provides sales opportunities to 3,439 entrepreneurs through 125 trade fairs held in 2022 and 2023.
Also present at the press conference were Industrial Development Board (IDB) Chairman Dr Saranga Alahapperuma, National Gem and Jewellery Authority Chairman Viraj De Silva, Additional Secretary (Industrial Estates and Industrial Areas Development) SAML Gunathilake, Additional Secretary (Industry Development) IC Pathiraja, National Enterprise Development Authority Chairman/Director KALP Kariyapperuma, Sri Lanka Handicrafts Council (Laksala) Chairman Rushan Marambage, Registrar General of Companies, Department of Registrar of Companies LKS Dharmakeerthi, National Handicrafts Council Chairman Sampath Erahapola, National Paper Corporation Limited Chairman Wimal Rupasinghe.
[ad_2]
Source link
