Sri Lanka discloses 5-year plan to boost manufacturing, exports

It aims to grow GDP contribution to 20% by 2030.

Sri Lanka's Ministry of Industries has prepared a national industry policy and a five-year plan for 2023-2027, which aims to boost manufacturing sector's annual contribution to gross domestic product (GDP) from 16% to 20% by 2030.

The policy also aims to raise the role of entrepreneurship in the Sri Lankan workforce from 2.8% to 7%, and increase the share of industrial exports in GDP from 14% to 20%.

This is to establish a globally competitive national industrial base.

A bill has been submitted to amend the Industrial Promotion Act and the Ministry has implemented a registration system for manufacturing industries, with 3,925 industries registered by June 2024.

Additionally, funds have been allocated to enhance leadership and entrepreneurship in small and medium enterprises through a loan scheme in 2022.