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Country failed to strengthen its manufacturing sector for decades, says new Dy. Minister of Industries on assuming office

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Chathuranga Abeysinghe

Sri Lanka had failed to take the necessary steps to strengthen its manufacturing sector for decades, according to Deputy Minister of Industries and Entrepreneurship Development, Chathuranga Abeysinghe, who made the remarks yesterday (22) after assuming office.

“We have also failed to industrialise. The state has a crucial role to play in this process. Unfortunately, we have neither introduced the technology required for industrialisation nor improved the productivity of our existing industries,” he said.

Abeysinghe attributed Sri Lanka’s inability to industrialise and modernise to its limited export growth. “This is why we only manage to export goods worth $12 billion and services worth $5 billion. Our persistent balance of payments crises stem directly from this lack of progress in the export sector,” he explained.

The Deputy Minister expressed confidence that Sri Lanka could revitalise its industries and recover lost ground if the state, its institutions, and industrial stakeholders collaborate under a well-structured national plan. “The biggest challenge we have faced is the absence of a coherent national policy to guide all actors in the industrial sector. Our aim is for Sri Lanka to export goods and services worth $35 billion by 2029. We also aspire to achieve a steady GDP growth rate of 6.5 percent. However, these goals will only be attainable if our industries undergo significant development,” he concluded.



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Charted Computer Institute of Sri Lanka to be established

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