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Sri Lanka’s value-added industry expands with startup innovations.

Sri Lanka’s value-added industry sector expanded with startups contributing its share in introducing innovative products in large scale during the first quarter this year, Finance Ministry data showed.

Sri Lanka’s value-added industry sector expanded by 3.0 per cent in the first quarter of 2019, compared to 1.7 per cent growth recorded in the same quarter of 2018.

This growth was mainly attributable to the revival of construction activities, manufacturing of coke and refined petroleum products, manufacturing of textile and apparel and food and beverages sector, compared to the first quarter of 2018.

Further, the value-added mining and quarrying, and manufacture of furniture positively contributed to the industry activities with the growth of 5.8 per cent and 5.7 per cent, respectively.

As per the Index of Industrial Production (2015=100) compiled by the Department of Census and Statistics, the overall manufacturing sector increased by 5.7 per cent in the first quarter of 2019.

Sri Lanka Business Association in collaboration with Sri Lanka High Commission in Singapore continues its investor series 2019 under the theme: “connecting Sri Lankan Start-ups to international investors”.

It has helped in introducing the capabilities of Sri Lankan start-ups and developing collaborations with the international investors to reach the world market .

(LI)

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