Find Industry and Manufacturing expertise in Sri Lanka
Sri Lanka holds the 68th most competitive economy in the world (2012–13, World Economic Forum, Global Competitiveness Report) with manufacturing contributing 18% of GDP in 2011. The country is classified 81st out of 185 countries by the World Bank for ease of doing business, a ranking based on how conducive the regulatory environment is to the opening and operation of a local firm. The same study places Sri Lanka 70th in the world for getting credit and 49th best for protecting investors. Industry workers made up almost a quarter of total employment in 2010 (24.2%, World Bank) and industrial production was estimated to be growing at a rate of 10.3% in 2012 – the ninth fastest rate in the world (CIA World Factbook).
The industry sector in Sri Lanka has grown steadily over the past decade, partly because of the necessary reconstruction following the massive tsunami of December 2004. However, agriculture remains an important part of the economy, particularly in rural areas. Main industries include rubber processing, telecommunications, financial services, tourism, textiles, petroleum refining, information computer technology, and construction. The textile and clothing industry is one of the greatest sub sectors and employers in the country. Sri Lanka is a hub of financial services for the region, with the sub sector contributing 56% of GDP in 2010. This is one of the fastest growing segments of the Sri Lankan economy.
Major Sri Lankan companies include: John Keells Holdings, the country’s largest company; Sri Lanka Telecom, the largest telecommunications provider; and the Distilleries Company of Sri Lanka.
Textiles, apparel, tea, spices, precious stones, coconut products and fish are among Sri Lanka’s major exports, although it is best known for the manufacture of clothing and Ceylon tea. The country’s main export partners are the US and UK. In 2012, exports are estimated to have contributed US$9.785 billion to the Sri Lankan economy (CIA World Factbook). In 2011 high-technology exports made up 1% of manufactured exports (World Bank).
The 2013 Global Competitiveness Report scores and ranks the sophistication of production processes around the world, where a low country score of 1 means “no sophistication and labour intensive” and a high score of 7 means production processes are the “world’s best and apply the most efficient technologies”. In this respect Sri Lanka ranks 44 out of 144 countries with a score of 4.2.
The Industrial Association of Sri Lanka (IASL) is the main body representing industry and manufacture in Sri Lanka. The IASL works with policy-makers to drive forward Sri Lanka’s industrial strategy while facilitating communication between the government and its member organisations.
|Industry and Manufacturing organisations in Sri Lanka|
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