Connect with us

Business

National Industrial Policy and 2023-2027 Strategic Plan will build a globally competitive industrial base – Secretary to the Ministry of Industries

Published

on

Secretary to the Ministry of Industries, Shantha Weerasinghe announced that the “National Industry Policy,” along with the five-year strategic plan for 2023-2027, has been prepared and submitted to the Department of National Planning.

This initiative aims to establish a globally competitive national industry base. By 2030, the policy aims to increase the manufacturing sector’s contribution to GDP from 16% to 20%, raise the role of entrepreneurship in the workforce from 2.8% to 7%, and boost the share of industrial exports in GDP from 14% to 20%.

Addressing the press briefing titled “Two Years of Progress and Way Forward” held at the Presidential Media Centre (PMC) today (31), the Secretary noted that the final draft for amending the Industrial Promotion Act has been submitted to the Attorney General’s Department for approval, ensuring it meets current and future needs.

The secretary to the Ministry of Industries further explained;

The Ministry of Industry has played a crucial role in reviving the country’s economy amid past economic crises. Our goals for 2030 include increasing the manufacturing sector’s contribution to GDP from 16% to 20%, raising the role of entrepreneurship in the workforce from 2.8% to 7%, and boosting industrial exports’ contribution to GDP from 14% to 20%. To achieve these objectives and build a globally competitive national industry base in Sri Lanka, a five-year strategic plan for 2023-2027 has been prepared and submitted to the Department of National Planning.

Additionally, the final bill to amend the Industrial Promotion Act has been submitted to the Attorney General’s Department for approval, ensuring it addresses both current and future needs. A Standard Operating Procedure (SOP) outlining guidelines, regulatory procedures, and the ‘Local Value Addition Theory’ for local vehicle assembly has also been introduced. Following its implementation, seventy new vehicle models and twenty-nine motor vehicle assembly plants have been approved in the country.

The Ministry of Industry has introduced a registration system for manufacturing industries, with 3,925 industries registered by June 2024. Industry registration is now available online, allowing for global access.

Under the initiative to enhance leadership and entrepreneurship in small and medium scale enterprises, the revolving fund loan scheme has allocated Rs.293.4 million for 33 projects in 2022. For 2023, Rs.1, 753 million has been provided for 176 projects through 10 partnering banks. So far in 2024, Rs.1, 647 million has been allocated for 179 projects.

Under the environment-friendly project, the revolving fund loan scheme allocated Rs.293.4 million for 33 projects in 2022 and Rs.155 million for 7 projects through 11 participating lending institutions (banks) in 2023. So far in 2024, Rs.256 million has been provided for 15 projects.

The Valaichchenai Paper Mill, revitalized through state enterprise restructuring, has produced 3,899.37 metric tons of paper from 2022 to April 2024. Additionally, the Embilipitiya Paper Mill, under a public-private partnership, began production in April this year.

Under the program for optimal utilization of mineral resources, Lanka Mineral Sands Limited adopted a new sales method and made its first sale in 2023. This approach generated USD 20.33 million from the sale of 62,150 metric tons of mineral sand and USD 14.1 million from 30,000 metric tons of zircon concentrate.

During the period 2023-2024, Lanka Phosphate Limited produced approximately 50,000 metric tons of rock phosphate, earning Rs.1, 080 million..

Additionally, gem, jewellery, and diamond exports yielded around USD 478 million in 2023, and USD 194 million contributed to the national economy by the end of June 2024. To support this, 27 booths for buying and selling gems have been established, including an export centre, a fully equipped gem laboratory, and an export centre in Demuwawatha, Ratnapura constructed at a cost of Rs.450 million.

 



Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Nestlé Lanka celebrates 120 years of ‘Good Food, Good Life’ in Lanka

Published

on

Nestlé Lanka Chairman and Managing Director Bernie Stefan (left) and Ruwan Welikala, Director – Corporate Affairs and Communications, provide an overview of Nestlé Lanka’s 120-year journey in Sri Lanka at a media briefing held on March 10 at Cinnamon Life – City of Dreams, Colombo. Pic by Nishan S. Priyantha

Nestlé Lanka Limited, the ‘Good Food, Good Life’ company, celebrates 120 years of operations in Sri Lanka this year. Since its founding in 1906, the company has grown into the nation’s leading food and beverage manufacturer, producing over 90% of its locally sold products in Sri Lanka. Guided by its purpose of enhancing quality of life for today and future generations, Nestlé Lanka has touched lives through nutrition, livelihoods, and sustainability.

Over the decades, the company has offered tastier and nutritious choices tailored to local needs, from birth to old age, with micronutrient-fortified products that promote healthier living. Iconic brands such as NESTOMALT and MILO further encourage active and healthy lifestyles through sports sponsorships.

Beyond products, Nestlé Lanka engages communities through partnerships with dairy and coconut farmers, supporting skills development, responsible sourcing, and local livelihoods. Its youth empowerment initiative, Nestlé Needs YOUth, strengthens employability, while collaborations with organisations like BConnected create inclusive work pathways for people with disabilities.

Sustainability is a core focus, with a commitment to achieve net-zero carbon emissions by 2050. Recent steps include a biomass boiler commissioned in 2024 and the use of 100% renewable electricity at the Kurunegala facility. Through these initiatives, Nestlé Lanka continues to deliver on its promise of enriching lives while safeguarding the planet.

Commenting on this milestone, Bernie Stefan, Chairman and Managing Director of Nestlé Lanka said, “Celebrating 120 years in Sri Lanka is a moment of immense pride for all of us at Nestlé. This milestone reflects not only the longevity of our business, but the trust generations of Sri Lankan families have placed in us and the strong partnerships we have built across the country. For over a century, we have been committed to Working Together for Good – contributing meaningfully to the Sri Lankan economy, supporting livelihoods, and positively impacting communities, while consistently providing tasty and nutritious products that consumers love. Through iconic brands such as NESTOMALT, MILO, MAGGI to name a few, we have been part of everyday moments in Sri Lankan homes, helping nourish families and support healthier, more active lifestyles. As we look ahead, we remain firmly committed to continuing this journey with purpose, responsibility and care, enriching Sri Lankan lives every single day.”

Continue Reading

Business

Sampath Bank and Apartner Bring Digital Payments to Sri Lanka’s Growing Condominium Sector

Published

on

Chirath Samarasekara, Head of Card Centre at Sampath Bank, exchanges the partnership agreement with Deshan Dias Bandaranayake, Co-Founder and Chief Executive Officer of Apartner, Chaminda Samarajeewa, Manager – Merchant Relationships, Digital Products and Card Sales at Sampath Bank (1st from left), and Shehan Adikari, Co-Founder and Chief Operating Officer of Apartner (1st from right), look on.

Sri Lanka’s condominium landscape continues to expand at pace, reshaping urban living across the country, yet many residential communities still rely on manual payment methods that slow down collections, delay reconciliations and limit financial visibility for both residents and management corporations.

Responding to this growing gap, Sampath Bank PLC has partnered with Apartner (Pvt) Ltd to digitise condominium payments in Sri Lanka, introducing a secure, real-time payment and settlement framework designed to support smarter, more efficient apartment living. The partnership integrates Visa’s Cybersource payment gateway with Sampath Bank’s API Manager, enabling seamless digital payment collection alongside instant outward settlements and reconciliations.

Speaking on the collaboration, Chirath Samarasekara, Head of Card Centre at Sampath Bank, stated, “Condominium living is becoming a defining feature of modern Sri Lanka and the financial infrastructure that supports it must evolve accordingly. Through Visa’s Cybersource payment gateway and our API Manager, this partnership enables real-time settlements and reconciliations that bring greater transparency, control and predictability to condominium payments while offering residents a secure and convenient digital experience.”

Deshan Dias Bandaranayake, Co-Founder and Chief Executive Officer of Apartner, commented, “This partnership with Sampath Bank allows us to remove one of the biggest operational pain points faced by condominium communities. Real-time payment visibility and automated reconciliation give management corporations confidence in their cash flows while residents gain convenience, security and peace of mind through a platform built for everyday living.”

Continue Reading

Business

A lifetime of tickets: Kalawana retiree preserves a 76-year long lottery trail

Published

on

Some of lotteries in Ekanayake’s collection

For many Sri Lankans, buying a lottery ticket is a daily ritual. Some do it out of habit; others try their luck from time to time. Morning crowds gathered around lottery kiosks across the country are testimony to the enduring appeal of the small slip of paper that promises fortune.

But in the quiet village of Dolahena in Kalawana lives a man whose relationship with the lottery stretches far beyond hope of a windfall.

At 88, retired postal worker E. M. D. Bandara Ekanayake has spent more than seven decades buying lottery tickets — and, more remarkably, preserving them. His collection, which dates back to the early years of organized lotteries in Sri Lanka, may well be one of the most extensive personal archives of lottery tickets in the country.

“I started buying lottery tickets in 1962, the year the National Lottery Board was established,” Bandara told the Sunday Island. “At that time a ticket cost only 50 cents, and the top prize was about one lakh of rupees.”

His fascination with lotteries, however, predates the National Lottery Board itself. Bandara recalls purchasing his first ticket in 1959 when a lottery was held in connection with an industrial exhibition.

“From then until today, I have been buying five tickets at a time,” he said. “For about 76 years I have continued this habit.”

Unlike most lottery buyers who discard their tickets once the draw is over, Bandara carefully preserved every ticket he purchased. As a result, he now possesses lottery tickets issued by both the National Lottery Board and the Development Lotteries Board from 1962 to the present.

“I don’t think anyone else has such a collection,” he said with a quiet smile.

Ironically, his decades-long participation has not brought him extraordinary winnings. “Apart from small prizes, the biggest amount I have ever won is Rs. 10,000,” he admitted.

Yet Bandara insists that winning has never been his primary motivation.

“I buy lottery tickets with great interest and enthusiasm, but not because I expect to win,” he said. “The lottery boards contribute a great deal to the development of this country. Funds raised through lotteries support education, health and other development work. I feel a deep sense of satisfaction knowing that I too contribute, even in a small way.”

His dedication to buying tickets has endured despite the difficulties he once faced in obtaining them.

“In the early days there were no lottery sales outlets in the Kalawana area,” Bandara recalled. “The only place we could buy them was at Sinnaiah Stores in Nivitigala. I used to travel by bus to buy the tickets and bring them back. Sometimes I would send someone else to buy them for me.”

Over time, lottery sales expanded to Kalawana itself. Bandara remembers that a trader named P. D. T. Lathpadura Mudalali began selling lottery tickets at the Ranasinghe Hotel, making it easier for locals like him to buy them.

E. M. D. Bandara Ekanayake

From then on, Bandara purchased his tickets locally, but the practice of carefully preserving them remained unchanged.

His passion for collecting does not stop with lottery tickets. Bandara has also maintained an extensive collection of newspapers over the years. Even bus tickets from his journeys have been preserved alongside his treasured lottery slips.

The unusual collection recently drew the attention of officials from the National Lottery Board, who visited Bandara’s home bearing gifts after learning about his decades-long dedication.

For Bandara, however, the recognition is secondary to a larger sense of purpose.

“I will continue buying lottery tickets as long as I live,” he said. “At the same time, I try to help others and engage in social service whenever I can.”

His commitment to community welfare is not merely rhetorical. Using his own funds, Bandara has already built a community hall for the benefit of residents in his village.

“I hope to continue doing social service in the future as well,” he said.

In an era when lotteries are often associated with dreams of instant wealth, Bandara’s story offers a different perspective — one of quiet dedication, civic-mindedness and personal discipline.

For him, the value of a lottery ticket lies not in the promise of riches but in the small contribution it makes towards the collective good.

And after 76 years, that belief remains unshaken.

By Upendra Priyankara Jathungama

 

Continue Reading

Trending