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Sri Lanka’s industrial production volume records increase

Sri Lanka’s industrial production volume records increase

The volume of industrial production in Sri Lanka has reportedly seen an increase by 2 % in December, 2020 compared to the same period in 2019.
Among the manufacturing industries; volume of products of ‘manufacture of basic pharmaceutical products and pharmaceutical preparations (46.8%), manufacture of machinery and equipment (n.e.c.)’ (40.1%) and manufacture of textiles (35.9%) have shown remarkable increases, the state owned newspaper, Daily News has reported.
Meanwhile, the manufacture of fabricated metal products (except machinery equipment) (17.7%) has reportedly decrease during this period, according to the Department of Census and Statistics.
The industrial production of the manufacturing sector for the fourth quarter of 2020 has decreased by 1.1 % compared to the same quarter in 2019.
However, among the manufacturing industries; the volume of products in the manufacture of machinery and equipment category (27.7%) has reportedly shown a remarkable increase in production during the fourth quarter of 2020 when compared to the fourth quarter of 2019. The volume of production in the manufacture of wood and products of wood and cork except furniture; manufacture of articles of straw and plaiting materials (32.3%) has reported a decrease during this period.

OSL take:

Sri Lanka’s industrial sector is recording an increase in line with the economic activities that have now fully recommenced after last year’s lockdown due to the global Covid 19 pandemic. Sri Lanka is on the path to becoming a business hub in the South Asian region given its geographical positioning in the Indian Ocean and the many trade agreements as well as trade concessions enjoyed by the country. Sri Lanka is therefore a destination that provides safe business/investment opportunities to foreign businesses/investors.

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Article Code : VBS/AT/20210309/Z_4

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