Sri Lanka’s Industries Minister to boost local manufacture of electronic goods - Opportunity Sri Lanka
Sri Lanka’s Industries Minister to boost local manufacture of electronic goods

Sri Lanka’s Industries Minister to boost local manufacture of electronic goods

Daily FT: Industries Minister Wimal Weerawansa is making a strong case for creating a culture to encourage buying locally made electronic goods that will boost Sri Lanka’s manufacturing sector.
He said that steps will be taken to submit a Cabinet paper in this regard, insisting to consider it as a strategic investment.
The Minister made these remarks following an inspection visit to the Abans refrigeration and air conditioning manufacturing plant being constructed at Milleniya Industrial Zone in Kalutara.
The company hopes to launch a made-in-Sri Lanka refrigerator by the first quarter of next year, whilst planning to manufacture air conditioners in the second phase.
“This is a very encouraging and important step in the development of industry in Sri Lanka’s history. We are proud of this culture of manufacturing products we want locally. It is a trend we want to strengthen further as it would inspire many more innovators and entrepreneurs,” Weerawansa said.
Observing how Abans has taken the initial steps to kick-start some very important industries in a factory which extends to around 100,000 square feet on a five-acre land, the Minister said he would fully support such investments to boost the manufacturing industries in the country.
“As the Industries Minister, I hope to submit a Cabinet paper and propose to accept this project as a strategic investment in principle and to grant tax concessions and other benefits given for such projects to manufacture more made-in Sri Lanka products,” he added.
He believes sustained reforms and a strong push to local manufacturing and infrastructure development will make a revolutionary change in the economic recovery strategy of the country.
“I would urge people to support items made-in Sri Lanka, as its quality stands out in the global market, despite the size of the product. It is high time that these enterprises are recognised and supported for creating a culture that appreciates locally manufactured products, which will also help save a humongous amount of foreign outflows from the economy,” he said.

OSL take:

Sri Lanka’s manufacturing and exports sectors have shown a growth momentum amidst the pandemic challenges. The business conducive environment, the many trade agreements as well as concessions enjoyed by the country have helped boost Sri Lanka’s manufacturing and exports sectors. The ongoing development programme and the expansion of Sri Lanka’s economy have also increased the business potential in the manufacturing and exports sectors. With Sri Lanka building itself as a business hub in the South Asian region, foreign businesses/investors could explore the growing business potential in Sri Lanka’s manufacturing and exports sectors. The formation of partnerships or joint ventures with local businesses in the manufacturing and exports sectors will provide lucrative business opportunities.

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Article Code : VBS/AT/20211026/Z_7

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