Indian experts to assist Sri Lanka to improve its trye manufacturing process to enhance competitiveness in global market
Indian experts are reportedly assisting Sri Lanka to improve the country’s tyre manufacturing process and develop new products in order to enhance competitiveness to increase global market share of local products.
Sri Lanka accounts for 25 percent of the world’s solid tyre market and the rubber industry is the fourth largest foreign exchange earner, Export Development Board (EDB) Director general Jeevani Siriwardena has been quoted as saying in the local media.
“Sri Lanka’s exports as a share of gross domestic product has been going down,” she has reportedly told a forum on tyre product innovation, technology and research and development to upgrade the knowledge of the tyre industry personnel with Indian experts.
“The share of exports should be increased rapidly, for which we need programs of this nature,” she has told the forum held by the EDB and the Sri Lanka Association of Manufacturers and Exporters of Rubber Products and The Plastics and Rubber Institute.
According to reports, the forum’s aim was to enhance the technical knowledge of the tyre industry personnel to provide exposure on latest developments and research and development in the international tyre industry to be competitive in the global market by adopting cost effective and quality improvement techniques.
In order to sustain and grow in the international market, experts have said the tyre industry has to constantly upgrade their production processes, adapt and improve their products, and invest in research and development and innovations.
Reports further state that the industry is aiming to achieve an export income of over US$ 3 billion from rubber products by 2026, despite facing raw material supply shortages, intense competition from developed countries with access to higher capital, better technology, bigger markets, advance human resources and productivity and better industry infrastructure.
Sri Lankan tyre manufacturers last week received a boost in the form of a judgment by the US Trade Courts that lifted certain restrictions on local tyres exported to the US from Sri Lanka. Now with assistance from Indian experts to improve the local tyre manufacturing process, it would undoubtedly increase Sri Lanka’s competitiveness in the global market. Therefore, foreign businesses/investors could consider opportunities to invest in the Sri Lankan tyre manufacturing and export process.
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