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Sri Lankan industries to be empowered with technology to be competitive in global market.

Sri Lankan industries to be empowered with technology to be competitive in global market.

Daily FT: Industries Minister Dr. Ramesh Pathirana has said Sri Lanka’s manufacturing sector should be empowered with modern technologies to be competitive in the international market and to achieve greater economic development.
He made these remarks during an inspection visit to the Industrial Technology Institute (ITI) office recently.
“Products that have attracted the attention of the world through traditional industries should be mixed with modern technology and brought to the world through a value chain production program,” he said.
Minister Pathirana also highlighted that new technological approaches should be introduced for all industries to be competitive in the global arena.
“More industries should be empowered with technology through the support of the Institute of Industrial Technology. We must also boost State investments into the manufacturing sector to encourage innovations and entrepreneurs,” he added.
Established in 1955 and empowered by the Science and Technology Act of 1994, the IIT is currently a leading institution that provides technical empowerment for the development of industries in the country.
It is conducting technology research and development for industries, providing internationally competitive technical services, research and development work on post-harvest technology, food, herbal, materials, environment and biotechnology, providing scientific facilities for various products, etc.

OSL take:

Sri Lanka’s exports industry is one of the main revenue generators of the country. Even amidst challenging economic conditions including during the period of the pandemic, Sri Lanka’s exports sector posted growth and profits. All businesses engaged in the industry recorded profits and while many engaged in expansion programmes as well. The many trade agreements and trade concessions enjoyed by the country have also helped boost Sri Lanka’s exports industry. The expansion in Sri Lanka’s exports industry has resulted in the increase of business opportunities in several sectors. These opportunities include direct investments in the exports industry as well as indirect opportunities that include the introduction of new technologies and technical expertise to upgrade the businesses in the industry. Given the growth and business potential in Sri Lanka’s exports industry, foreign businesses/investors could explore the expanding opportunities in the industry. They could also look at forming partnerships or joint ventures with local businesses in the exports industry with the aim of expanding operations locally and internationally.

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Article Code : VBS/AT/10112022/AT_4

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