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Asian Tribune is published by World Institute For Asian Studies|Powered by WIAS Vol. 12 No. 2647

Lanka Factory Index strengthens

Colombo, 28 June, (Asiantribune.com):

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 an upbeat Rishad Bathiudeen (Minister of Industry and Commerce of Sri Lanka) on 27 June in Colombo.

Minister Bathiudeen was addressing the inauguration event of the INCO Exhibition, the twelfth 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 (HE) Geoff Michael Doidge, South Africa's High Commissioner to Sri Lanka.

“This 12th event is being organized, 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 and added: “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 His Excellency the President Mahinda Rajapaksa. One of the aims of the industrial development vision of HE the President is to upgrade our industries in 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 in par with 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 inform 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.”

• ‘Index moves up to 115.9’ – Rishad

• 12th INCO now on in Colombo

• ‘Global Competitiveness Ranking up by three places’ -Rishad

• Participants from India, Italy and UK

• ‘Good support from the government’ - INCO

INCO Engineers thanked the Ministry of Industry and Commerce for its on-going support towards the top event. “We highly appreciate the on-going contribution to INCO by the Ministry of Industry and Commerce strengthening our efforts further” said Eng. Benedict K Ulluwishewa (Chairman of INCO Committee). “Both the Minister and 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 a keen Ulluwishewa.

- Asian Tribune -

Rishad Bathiudeen (Minister of Industry and Commerce of Sri Lanka-centre) and (HE) Geoff Michael Doidge (South Africa's High Commissioner to Sri Lanka-right) and Eng. K. Ariyawansa   (President–IIESL-left) become inquisitive about a Moratuwa University engineering student’s demonstration at INCO 2014 expo inauguration event at BMICH, Colombo on 27 June.
Lanka Factory Index strengthens
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