Despite cost pressures, Sri Lanka’s manufacturing has signalled an expansion in the first quarter–while the country’s global competitiveness ranking moved up by three notches. The Factory Industry Production Index that stood at 106.4 this January has strengthened and by March it has increased to 115.9. These facts were revealed by Rishad Bathiudeen, Minister of Industry and Commerce on Friday (27).
Minister Bathiudeen was addressing the inauguration event of the INCO Exhibition, the twelfth in a series of industrial exhibition and trade fairs by the Institution of Incorporated Engineers of Sri Lanka. The event, at BMICH, Colombo has attracted a wide cross section of exhibitors from manufacturing, distributing, trading and engineering service providers in Sri Lanka as well as from such countries as Italy, India and UK. It is scheduled to close on 29 June. The event is supported and endorsed by the Ministry of Industry and Commerce, its main state-partner. Gracing the occasion along with top engineers in Sri Lanka was Geoff Michael Doidge, South Africa's High Commissioner to Sri Lanka.
This 12th event organized by the Institution of Incorporated Engineers of Sri Lanka functions as a networking platform for the engineers to establish investment and business connectivity under one roof. "Our engineers are contributing to expand Sri Lanka’s infrastructure and industries under the development vision of President Mahinda Rajapaksa. One of the aims of the industrial development vision of the President is to upgrade our industries in par with international standards. Therefore, when it comes to industries I am pleased to note that despite pressures in energy and raw material import costs, Sri Lanka’s industrial production continues to be on track", said Minister Bathiudeen.
The Factory Industry Production Index that stood at 106.4 this January has become stronger by March and has increased to 115.9. The estimate for June this year is 109.7. This is in par with usual range for June every year. For example in 2012 June it stood at 111 points, and 2013 June the index stood at 112.3 points.
Minister Bathiudeen further added that Sri Lanka has advanced from rank 68 to 65 in the Global Competitiveness Index of 2013-2014. In fact, Sri Lanka is above Jordan, Colombia, Vietnam and Ecuador and just a little lower than Russia and India.
INCO Engineers thanked the Ministry of Industry and Commerce for its on-going support towards the top event. “We highly appreciate the on-going contribution to INCO by the Ministry of Industry and Commerce strengthening our efforts further” said Eng. Benedict K Ulluwisihewa (Chairman of INCO Committee). “Both the Minister and Ministry have been very supportive and we have also been given to understand this quantum of government support would increase in the next year, and we look forward to this” added a keen Ulluwisihewa.(KH/SI)
