Sri Lanka sees 10.3% industry surge in 2012

Daily News - 2013-05-20

Sri Lanka sees 10.3% industry surge in 2012

As Sri Lanka experienced a 10.3 % industry surge in 2012, Sri Lanka’s historic industry growth rate appeared to exceed the growth rate of its own GDP.

“Lankan historic industry sector growth has surpassed even the national GDP growth rate-in that, the industry ‘value addition’ to the GDP in 2012, is 62 times to that of 1960 when CNCI began at only US $ 269 million. Our industrial exports too, increased by 28 %, in 2011,” said Rishad Bathiudeen, Minister of Industry and Commerce addressing the CNCI Achiever Awards 2013 launch event held at the Cinnamon Grand on May14 .

“This is a valuable SAARC networking opportunity, for our industries,” said Minister Bathiudeen.

“Our GDP in 1960 was only $ 1.4 billion but today it is $ 60 billion growing by more than 42 times. As the Minister of Industries I am pleased to say that our industry sector growth in this period has surpassed even the national GDP growth rate-in that, the industry ‘value addition’ to the GDP in 2012 is 62 times that of the value addition in 1960 which was only US $ 269 million.”

“Our industrial exports too increased by 28%, in 2011. The other notable development is the growth in private sector involvement in our industrial sector. This is clearly evident in more recent times. Especially in the period, of 2001 to 2010, Sri Lanka’s private sector industrial participation has almost doubled.”

“The private sector industrial participation index,” which was at 110.2 in December 2001 increased by 96.2%, to a huge 216.2 by December 2010. Despite this our “Public Sector Industry Output” did not decline. In fact, the “Public Sector Industry Output Index” has been on a growing trend, and in 2011 it increased by a strong 20 percent. Our Industry sector grew by 10.3% in 2012 and even the overall GDP rose by 6.4%.”

For the 11 year period, of 2002 to 2012, 2,250 new patents and 2,581 new designs were registered in Sri Lanka by the National Intellectual Property Office, under my Ministry. 15,774 trademarks too were successfully registered. These are positive developments, for our industrial growth,” he said. Associated Newspapers of Ceylon is the media sponsor for the event.