Lanka Factory Index strengthens

Saturday, 28 June 2014 00:00 - - {{hitsCtrl.values.hits}}

Despite cost pressures, Sri Lanka’s manufacturing signalled an expansion in the first quarter, while the country’s global competitiveness ranking moved up by three notches. “The Factory Industry Production Index that stood at 106.4 this January strengthened and by March it increased to 115.9. I am also pleased give the good news that Sri Lanka has advanced from rank 68 to 65 in the latest Global Competitiveness Index of 2013-2014,” said Minister of Industry and Commerce Rishad Bathiudeen yesterday. Bathiudeen was addressing the inauguration event of the INCO Exhibition, the 12th in a series of industrial exhibition and trade fairs by the Institution of Incorporated Engineers of Sri Lanka. The event, at BMICH, Colombo has attracted a wide cross section of exhibitors from manufacturing, distributing, trading and engineering service providers in Sri Lanka as well as from such countries as Italy, India and UK. It is scheduled to close on 29 June. The event is supported and endorsed by the Ministry of Industry and Commerce, its main state-partner. Gracing the occasion along with top engineers in Sri Lanka was South Africa’s High Commissioner to Sri Lanka Geoff Michael Doidge. “This 12th event is being organised by the Institution of Incorporated Engineers of Sri Lanka in which I also am a proud member. I’m also glad to note that this annual industrial exhibit is the largest and most engineering-related, customer-focused industrial exhibition conducted in Sri Lanka,” said Minister Bathiudeen “This will also function as a networking platform for the engineers to establish investment and business connectivity under one roof. This form of networking is growing in importance due to the fact that our engineers are more and more in demand today. There is no doubt of the role played by engineers in our rapidly developing economy and industries. Our engineers are contributing to expand Sri Lanka’s infrastructure and industries under the development vision of President Mahinda Rajapaksa. “One of the aims of the industrial development vision of the President is to upgrade our industries on par with international standards. Therefore, when it comes to industries I am pleased to note that despite pressures in energy and raw material import costs, Sri Lanka’s industrial production continues to be on track. The Factory Industry Production Index that stood at 106.4 this January became stronger by March and increased to 115.9. The estimate for June this year is 109.7. This is on par with the usual range for June every year. For example in 2012 June it stood at 111 points, and 2013 June the index stood at 112.3 points. “Our engineering remains as one of the professions that do not contribute to Sri Lankan brain drain and migration. Thanks in part to the contribution by our engineers, I am pleased to reveal the good news that we advanced from rank 68 to 65 in the Global Competitiveness Index of 2013-2014. In fact, we are above Jordan, Colombia, Vietnam and Ecuador and just a little lower than Russia and India.” INCO engineers thanked the Ministry of Industry and Commerce for its ongoing support towards the top event. “We highly appreciate the ongoing contribution to INCO by the Ministry of Industry and Commerce strengthening our efforts further,” said Eng. Benedict K Ulluwishewa, Chairman of the INCO Committee. “Both the Minister and the Ministry have been very supportive and we have also been given to understand this quantum of Government support would increase in the next year, and we look forward to this,” added Ulluwishewa.

Industry and Commerce Minister Rishad Bathiudeen and South African High Commissioner Geoff Michael Doidge along with Institution of Incorporated Engineers Sri Lanka President Eng. K. Ariyawansa take a closer look at a Moratuwa University engineering student’s demonstration at the INCO 2014 Expo inauguration at the BMICH yesterday