Manufacturing 85% Lanka’s industrial economy: Rishad

Monday, 24 November 2014 00:43 -     - {{hitsCtrl.values.hits}}

  • Says 680,000 people engaged in it
  • 2015’s largest engineering show INCO launched
  • SAARC countries in INCO 2015
  • Lanka’s innovation close to Thailand, Brunei

Institution of Incorporated Engineers of Sri Lanka President Eng UPP Kavikeshawa (second from left) gifts the IIESL handbook to Minister of Industry and Commerce Rishad Bathiudeen (centre) at the inauguration event of INCO 2015 on 19 November at Rajagiriya  

A whopping 85% of Lankan industrial base is manufacturing, as revealed on 19 November and Sri Lanka ranks close to Brunei in its innovation infrastructure. “We have the manufacturing base ready. 85% of Sri Lanka’s industrial economy is concentrated on manufacturing. In the Global Innovation Index 2014 we rank at 69 in ‘innovation infrastructure’ close to Thailand and Brunei,” announced Minister of Industry and Commerce of Sri Lanka Rishad Bathiudeen. Minister Bathiudeen was addressing the launch event of INCO 2015 at the Staff Training Centre of Rajagiriya on the eve of 19 November. INCO is reportedly the largest and most influential engineering related and customer focused annual Industrial Exhibition and Trade Fair in Sri Lanka. It is almost the only customer focused exhibition conducted by a professional organisation in Sri Lanka. INCO 2015 is supported by Minister Bathiudeen’s Ministry of Industry and Commerce with $ 7,500 and the Ministry also sponsors 40 SME pavilions of the 300 stalls. “I am given to understand that the dedicated INCO organising Committee and Institute of Incorporated Engineers of Sri Lanka are now moving to make INCO as the most customer focused exhibition in South Asia in the near future – a sign of the great progress of this event since its commencement. There is no doubt that the success of INCO is good news for not only our engineering but more importantly, our industry sector,” said Minister Bathiudeen, and added: “It is no secret that a strong industrial base is essential for the economic hub vision of President Mahinda Rajapaksa. What is important is the encouraging news-that is we have this manufacturing base ready. In that almost 85% of Sri Lanka’s industrial economy is concentrated on manufacturing sector with 680,000 people engaged in it. “12% is centred on the second aspect of our industrial economy – that is mining sector. The third aspect of our industrial economy which is the ‘electricity gas and water sector’ takes only 0.19% of it, but still plays a key role. Within the manufacturing sector the largest number of establishments is under the ‘food and beverages sub sector’ with 4250 establishments and 127,000 persons engaged in them. As a former student of engineering I am also pleased to note of the many awards being handed over to achievers at the INCO. These awards have continuously encouraged entrepreneurs; keen engineering students, other upcoming engineering talents of the future and more importantly our innovators. “Sri Lanka has been ranked at 105 among 143 countries in the Global Innovation Index 2014. Within this index, we rank at 69 in ‘innovation infrastructure’ sub index staying close to Thailand and Brunei. When it comes to the most important ‘Innovation Output Sub-index’ we are at rank 81 doing better than Philippines and Nigeria. What I stress here today is that efforts such as today’s INCO play a fundamental role in our advancement in the rankings such as the innovation index.” The Mega Industrial exhibition INCO 2015, to be held in June 2015, has also become a special platform for entrepreneurs to identify new projects, manufacturers and suppliers and also to an opportunity to network. The event expects to see participation of SAARC countries in a significant way.