(Commonwealth_ The Industry Ministry of Sri Lanka has laid out an ambitious plan to elevate the manufacturing sector’s contribution to the nation’s GDP from 16% to 20% by 2030. This target is a cornerstone of the National Industry Policy and the five-year strategic roadmap for 2023-2027. During a press briefing at the Presidential Media Centre, Shantha Weerasinghe, the Secretary of the Industry Ministry, underscored the vital role of entrepreneurship in this initiative, aiming to increase its workforce share from the current 2.8% to 7%. A comprehensive strategic plan for 2023-2027 has already been submitted to the Department of National Planning, outlining the Ministry’s vision for economic revival and resilience.
Weerasinghe detailed several legislative and procedural reforms designed to overcome economic challenges. A notable legislative action is the amendment of the Industrial Promotion Act, which is currently under review by the Attorney General’s Department. Additionally, a Standard Operating Procedure (SOP) for local vehicle assembly has been introduced to streamline processes and promote industry standards. In efforts to enhance industrial infrastructure, the Ministry launched an online registration system for manufacturing industries, achieving the registration of 3,925 industries by June 2024. The Revolving Fund Loan scheme has also played a crucial role, providing substantial financial support to numerous projects over the years 2022, 2023, and 2024.
Sustainable development projects have also been prioritized. The Valaichchenai Paper Mill has been revitalized, and the Embilipitiya Paper Mill has resumed production under a public-private partnership. Lanka Mineral Sands Ltd. adopted a new sales methodology, significantly boosting revenue from mineral sand and zircon concentrate sales. Lanka Phosphate Ltd. reported producing 50,000 metric tons of rock phosphate, generating Rs. 1,080 million. The gem, jewellery, and diamond sectors have made substantial contributions to the national economy, with exports totaling $478 million in 2023 and $194 million by mid-2024.
The Ministry is also committed to enhancing value addition and improving international market access for cinnamon growers. A processing center has been established within the Karandeniya Industrial Park to support this initiative. Moreover, the National Gem and Jewellery Authority successfully organized an International Gem and Jewellery Exhibition in 2024, showcasing Sri Lanka’s rich resources to a global audience. National Industry Day, celebrated annually on June 22, along with the National Industry Exhibition, has become a key event on the industry calendar. The 2024 exhibition saw participation from over 1,000 exhibitors, highlighting the growth and potential of Sri Lanka’s industrial sector. The ProFood ProPack International Trade Fair further supports small and medium-scale food producers, drawing numerous exhibitors and visitors each year. The “Shilpa Abhimani” awards, held in 2023, recognized the craftsmanship of 508 artisans, celebrating their contributions to the industry. Additionally, the “Made in Sri Lanka” trade fair program provided significant market opportunities for 3,439 entrepreneurs through 125 trade fairs held in 2022 and 2023.
These initiatives reflect the Ministry’s holistic approach to industrial development, emphasizing not only legislative and procedural improvements but also sustainable practices and market expansion. The Ministry is committed to fostering entrepreneurship, enhancing industrial infrastructure, and promoting value addition across various sectors. This multifaceted strategy includes revitalizing key industries, introducing new operational standards, and supporting financial mechanisms for industrial projects. Additionally, efforts to improve international market access and organize industry-specific exhibitions and trade fairs aim to bolster the global competitiveness of Sri Lankan products. By addressing these diverse aspects, the Industry Ministry aims to drive substantial growth in the manufacturing sector, significantly contributing to Sri Lanka’s economic development and achieving the ambitious GDP targets set for 2030.
