A Feeder Industry for Sri Lanka’s Light Engineering Product Sector
Cast metal products are an integral part of human life and the local economy as they are found in 90% of the manufactured goods and equipment, ranging from home appliances and surgical equipment to critical components for aircraft and automobiles.
Sri Lanka is making a renewed attempt to leverage its geographic advantage in the East-West shipping route, this time as a boat builder and marine tourism destination under the National Export Strategy. The five-year plan formally launched in July 2018 identifies boat building and its related services as one of five key industries to expand Sri Lanka's export basket and increase export earnings to US$ 28 Billion by 2022.
Sri Lanka harbours the aspirations to become South Asia's foremost maritime, logistics and distributions hub considering its geographical position in South Asia, which is located at the crossroads of the fastest-growing region of the world that generates the competitive edge over the other regional players.
Sri Lanka’s economy has transitioned from a rural agrarian framework to an urbanized service-oriented structure within the last four decades. The country’s service sector accounted for 62.4 % of GDP followed by a 28.9% by the manufacturing sector and an 8.7% by agriculture.