Colombo to raise manufacturing's share in GDP from 16% to 20% by 2030

02 Aug '24

1 min read

Colombo to raise manufacturing's share in GDP from 16% to 20% by 2030

Pic: news.lk

Insights

Sri Lanka aims at raising the manufacturing sector's contribution to GDP from 16 per cent to 20 per cent by 2030.
A five-year strategic plan includes raising the role of entrepreneurship in the workforce from 2.8 per cent to 7 per cent.
The final bill to amend the Industrial Promotion Act has been submitted to the attorney general's department.

Sri Lanka aims at raising the manufacturing sector’s contribution to the country’s gross domestic product (GDP) from 16 per cent now to 20 per cent by 2030, according to the country’s industry ministry.

A five-year strategic plan includes raising the role of entrepreneurship in the workforce from 2.8 per cent to 7 per cent, ministry secretary Shantha Weerasinghe said.

The plan for 2023-2027 and the National Industry Policy have been submitted to the department of national planning, he was cited as saying by media reports in Sri Lanka.

The final bill to amend the Industrial Promotion Act has been submitted to the attorney general’s department for approval, ensuring it addresses both current and future needs, he said.

The ministry earlier introduced a registration system for manufacturing industries, with 3,925 industries registered by June this year.

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