Home / Business/ Sri Lanka seeks global backing for pioneering export industrialisation master plan

Sri Lanka seeks global backing for pioneering export industrialisation master plan

Comments / {{hitsCtrl.values.hits}} Views / Tuesday, 10 July 2018 00:11

Industry and Commerce Minister Rishad Bathiudeen (centre) meets Ambassador of the Delegation of EU to Sri Lanka Tung-Lai Margue (far left), and European External Action Service (EEAS) Brussels Asia Trade Division Head Peter Bersz (second from left)  joined by Industry and Commerce Ministry Secretary KDN Ranjith Ashoka (far right) on 5 July



Sri Lanka soft-launched an international support call for its export-led industrialisation initiative on 5 July.

“The Ministry of Industry and Commerce is in the process of developing relevant policies conducive for export led industrialisation, as envisaged in the Vision 2025 of the Government,” said Industry and Commerce Minister Rishad Bathiudeen on 5 July at the Ministry office, Colombo 3. Minister Bathiudeen, joined by his top officials, advisors and Bridging the Gap Foundation Asia Secretary General and former UN ESCAP Director and Chief Economist Dr Ravi Ratnayake, was addressing Ambassador of the Delegation of EU to Sri Lanka Tung-Lai Margue, who was leading a team of EU officials to meet Minister Bathiudeen at the Ministry office. The session was in view of Minister Bathiudeen’s submission of UNIDO collaborated proposal, calling for assistance to support export-led industrialisation in Sri Lanka, to Ambassador Tung-Lai Margue and the EU delegation at EU-SL working group on Trade and Economic Cooperation Relations.  

“This vision includes establishing new industrial estates and modernising new ones,” Minister Bathiudeen said, and added: “Both developed, advanced and developing economies used industrialisation as the engine of growth and development. They adopted appropriate industrial policies and strategies to guide their industrialisation. Currently, Sri Lanka does not have such a policy document. A clear indication of this absence is the declining share of manufacturing in GDP, which is stuck at 16.7% - well below South East Asian countries such as Thailand, where the share is 27%. Though there were past attempts to revive industrialisation in Sri Lanka, a proper industrial policy and comprehensive strategy for its implementation are yet to be developed. The importance of such a policy has been recognised in the new Trade Policy recently approved by the Cabinet. It is also the action-plan for 2015-20 of the Ministry of Industry and Commerce.”  

“This is a very ambitious project. While these proposals are pro-development, it is important that they are well aligned with Vision 2025,” stressed Ambassador Tung-Lai Margue, responding to Minister Bathiudeen, and added: “The value chain integration suggestions here too are useful. We also suggest Sri Lanka should integrate closer with value chains of South Asian region, as a start.” 

European External Action Service (EEAS) Brussels Asia Trade Division Head Peter Bersz said that the proposals are comprehensive. “The discussions were important. We will go back to Brussels to take a closer look at the proposals and see how to respond. At this moment, this is very much of a Sri Lankan internal document, but we believe engaging a broader stakeholder base such as other governments, export and import companies, traders and manufacturers, can enhance this even further, and this is a good and much-needed start for such a level of engagement. Also, this policy paper appears to be an industrial strategy too, which is another interesting aspect.”

Unlike previous industry development policies, the comprehensive set of proposals submitted by Minister Bathiudeen on 5 July packs, among others, steps on increasing Sri Lanka’s competitiveness for production and trade promotion, formulation of intellectual property policy and on geographical indicators, consumer protection, transforming industrial estates to drive SME development for export growth, enhancing capacity and competitiveness of SMEs in export-oriented value chains, and even proposals to improve national quality infrastructure.

Share This Article


1. All comments will be moderated by the Daily FT Web Editor.

2. Comments that are abusive, obscene, incendiary, defamatory or irrelevant will not be published.

3. We may remove hyperlinks within comments.

4. Kindly use a genuine email ID and provide your name.

5. Spamming the comments section under different user names may result in being blacklisted.


Today's Columnists

No other country can better understand the preciousness of free trade than SL

Thursday, 19 July 2018

The year 2018 marks the 40th anniversary of China’s reform and opening-up and also the 17th anniversary of China’ accession to the World Trade Organization (WTO). In 2001, China acceded to the WTO, which marked a new historic stage of reform and

Development of national housing and Employees’ Provident Fund

Thursday, 19 July 2018

‘Singapore’ has become a buzzword in the media circles today. Media speak is centred round many issues. Extradition of the fugitive Central Bank Governor appointed to the post on a recommendation by our PM, now missing and reportedly taken refuge

Sri Lanka stepping up its pursuit of trade-led growth

Wednesday, 18 July 2018

“We were a trading nation since the era of ancient kings,” Prime Minister Ranil Wickremesinghe reminded Parliament

To hang or not to hang!

Tuesday, 17 July 2018

President Maithripala Sirisena dropped a bombshell out of the blues last week, sans all ‘maître’ (loving-kindness) when he launched a coup de main on drug offenders. He threatened to use his powers to place his signature to execute the death sen

Columnists More