Lanka's factory index rank moves up

Despite cost pressures, Sri Lanka's manufacturing sector expanded in the first quarter, while the country's global competitiveness rank moved up by three notches.

"The Factory Industry Production Index that stood at 106.4 in January increased to 115.9 by March. Sri Lanka has advanced from rank 68 to 65 in the latest Global Competitiveness Index of 2013-2014," said Industry and Commerce Minister Rishard Bathiudeen at the opening of the Inco exhibition at the BMICH recently.

The exhibition, the twelfth in the series of industrial exhibitions and trade fairs was organised by the Institution of Incorporated Engineers of Sri Lanka.

The event attracted a wide cross section of exhibitors from manufacturing, distributing, trading and engineering service providers in Sri Lanka and from countries such as Italy, India and the UK. The event was supported by the Ministry of Industry and Commerce, its main State-partner.

South Africa's High Commissioner to Sri Lanka, Geoff Michael Doidge was also present.

"The annual industrial exhibition also functions as a networking platform for engineers to set up investment and business connectivity under one roof. This form of networking is growing in importance due to the role played by engineers in our rapidly developing economy," the Minister said.

"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 in January increased to 115.9 by March. The estimate for June this year is 109.7," he said.

"This is on a par with the usual range for June every year. For example, in June 2012 it stood at 111 and in June 2013 the index stood at 112.3.

We advanced from rank 68 to 65 in the Global Competitiveness Index of 2013-2014 partly due to the contribution made of our engineers.

We are above Jordan, Colombia, Vietnam and Ecuador and a little lower than Russia and India," Minister Bathiudeen said.