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Monday, April 21, 2014 - 6.35 GMT

Three regional industrial estates to be set up

 

The Industrial Development Board (IDB) will set up three industrial estates within next three years in the North, North Central and Southern Provinces, said IDB Chairman Nawaz Rajabdeen.

The IDB, comprising around 19 industrial estates across the country is a public institution, supporting the development of small and medium scale industries which form the backbone of the country's economy.

SME sector enterprises account for around 80 percent of export revenue and economic growth of the country.

The IDB has tied up with regional and district chambers and private sector organisations to provide expertise, training and buy-back agreements to boost manufacturing of local products promote exports and save foreign exchange on imports.

“Several sectors that need support have been identified at the Achchuveli Industrial Zone and steps have been taken to help these sectors with the support of regional chambers and private sector institutions”, the IDB Chairman said.

We have drawn up a program to support these estates through the Ministry of Traditional Industries and Small Enterprises, Rajabdeen said.

According to a report by development.lk, the Chairman said his vision is to provide industries with new technology and source advanced machinery to increase productivity and quality as many industries still operate with machinery that are over 30 years old and as a result output and quality of products is poor.

“We need advanced machinery and technology to compete with international brands and boost exports.”

“The IDB will strengthen research and development to facilitate micro to small and small to medium sector industrial growth. Small industries should aim at becoming large manufacturers and exporters,” Rajabdeen said.
The IDB which operates under the Ministry of Traditional Industries and Small Enterprises supports a large number of manufacturers of light engineering goods, leather and footwear and dairy products.

 


 

 
 
   
   
     
   
   

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Last modified: April 21, 2014.

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