The electrical & electronics sector has been identified as a key sector in Sri Lanka National Export Strategy. The global electrical & electronics industry is distinguished by fast technological advances and has grown more rapidly than most other industries over the past 30 years. Apace with with the development of global electrical & electronics industry, Sri Lankan electrical and electronics industry has blossomed into an important manufacturing and service sector over the past decade contributing millions of dollars to the country’s revenue. The Sri Lankan electrical & electronics industry today mainly caters for automobiles, telecommunication, consumer electronics, industrial automation and medical sector.
This sector creates a high number of employment opportunities. The average salary scales of the employees in this sector are significantly higher compared to other manufacturing industries, making it a much sought-after industry in terms of prospective employment. This has resulted in a relatively large talent pool with highly trainable youth and skilled professionals in the form of design and manufacturing engineers. Therefore, this is an industry that can be classified as a dynamic sector showing high annual growth and significant increase in its share of world trade, which renders it quite so lucrative.
Sri Lanka’s electrical & electronics and ICT-enabled knowledge and innovation industries are adding around US $1.6 billion to Sri Lanka’s total export earnings per year. Sri Lankan companies carry out such R&D in partnership with end customers, component & chip providers, PCB fabricators, manufacturers, system integrators etc. and these partners often import the hi-tech hardware equipment required for the R&D to Sri Lanka.
The global electronics and electrical manufacturing industry, which is valued about USD 5.0 trillion in 2019, is one of the largest and fastest growing sectors in the world, and the industry is expected to reach USD 5.8 trillion by 2025. All in all, this is a most promising sector in the global trade arena.