The Industry Ministry has set ambitious goals to increase the manufacturing sector’s contribution to Sri Lanka’s GDP from 16% to 20% by 2030. This initiative is part of the National Industry Policy and a five-year strategic roadmap spanning 2023-2027.
During a press briefing at the Presidential Media Centre, Industry Ministry Secretary Shantha Weerasinghe emphasized the importance of entrepreneurship, aiming to boost its workforce share from 2.8% to 7%. The detailed five-year strategic plan for 2023-2027 has already been submitted to the Department of National Planning.
Weerasinghe highlighted the Ministry’s efforts in overcoming economic challenges and driving economic revival. Key legislative actions include amending the Industrial Promotion Act, currently under review by the Attorney General’s Department, and introducing a Standard Operating Procedure (SOP) for local vehicle assembly.
To enhance industrial infrastructure, an online registration system for manufacturing industries was launched, registering 3,925 industries by June 2024. The Revolving Fund Loan scheme has also supported numerous projects with significant financial allocations in 2022, 2023, and 2024.
Sustainable development initiatives have revitalized the Valaichchenai Paper Mill and started production at the Embilipitiya Paper Mill under a public-private partnership. Lanka Mineral Sands Ltd. adopted a new sales method, generating substantial revenue from mineral sand and zircon concentrate sales.
Lanka Phosphate Ltd. produced 50,000 metric tons of rock phosphate, earning Rs. 1,080 million. Gem, jewellery, and diamond exports contributed significantly to the national economy, with $478 million in 2023 and $194 million by mid-2024.
The Ministry is also focused on promoting value addition and international market access for cinnamon growers, establishing a processing centre within the Karandeniya Industrial Park. The National Gem and Jewellery Authority successfully hosted an International Gem and Jewellery Exhibition in 2024.
National Industry Day on June 22 and the National Industry Exhibition are now annual events, with the 2024 exhibition attracting over 1,000 exhibitors. The ProFood ProPack International Trade Fair supports small and medium-scale food producers, featuring numerous exhibitors and visitors.
The “Shilpa Abhimani” awards recognized 508 artisans in 2023, and the “Made in Sri Lanka” trade fair program provided market opportunities for 3,439 entrepreneurs through 125 trade fairs held in 2022 and 2023.
Present at the press briefing were Industry Development Board (IDB) Chairman Dr. Saranga Alahapperuma, National Gem and Jewellery Authority (NGJA) Chairman Viraj De Silva, and other key officials.