The Industry and Commerce Ministry targets to increase its share of GDP to 35 percent by 2015 from 28.7 percent in 2010.

Minister of Industry and Commerce Rishad Bathuideen in a statement issued by his ministry said, the industrial sector must reach 35 percent of GDP by 2015 with focused strategies dominated by public private partnerships.

He was commenting on a report prepared by a 10-member task force he had appointed to fast track the development of the industrial sector.

"Through the offices of the Trade Counselors in our overseas missions, details of our local products and services will be highlighted and new markets identified," the Minister said.

He called upon ministry officials, heads of departments and commerce representatives posted worldwide to chip in with their contributions and work towards achieving the country’s economic goals.

"Regular progress reports are being called from all units under the ministry," Minister Bathuideen said.

In 2010, the industry sector recorded the highest sectoral growth of 8.4 percent, compared to 4.2 percent the previous year. Its share to GDP, however, grew marginally from 28.6 percent in 2009 to 28.7 in 2010, according to Central Bank data.

"Taking into account the contribution by the Industry sector to the national economy, the improvement of productivity in the Industry sector should also be given high priority. To make Sri Lanka globally competitive, the Industry sector needs to be upgraded with new technology and be diverted towards value added niche products," the Central Bank said in its Annual Report 2010.

"Also, there should be an increased emphasis on research development and innovation, and improved infrastructure facilities, particularly the provision of uninterrupted power supply to eliminate nonproductive time of machinery and reliable transport facilities to minimise unproductive worker time. Maintaining industrial peace is also important in this context," it said.

The Ministry of Industries and Commerce recently launched a publication titled ‘Kirula’ (Crown) which would provide up-to-date information on investment opportunities island-wide, facilitate overseas business contacts for exporters, and open up market for our local products and services in the international trade circles. The publication will also provide information about current trade events and activities both local and overseas and focus on issues of economic, cultural and technological importance.

Officials from the Ministry of Industry and Commerce also publish a monthly tri-lingual publication ‘Mansala’ for the general public in Sinhala, Tamil and English, copies of the publications can be found on the ministry website www.industry.gov.lk.