Sri Lanka's high tech electronics industry is exploring the possibility of tapping the Indian electronics manufacturing market valued at an impressive US$41 billion per annum. The Sri Lanka Electronic Manufacturers and Exporters Association has proposed to the Board of Investment (BOI) and Export Development Board to study the opportunities for the Sri Lankan Industry to access the lucrative Indian market.
The Central Bank Governor with Merrick Gooneratne |
This was emphasized by the outgoing President of the association Merrick Gooneratne when he delivered the welcome address of the 19th Annual General Meeting of The Sri Lanka Electronic Manufacturers and Exporters Association (SLEMEA) in Colombo last week. He also suggested that the BOI and EDB arrange a match making programme with the Indian Electronics Industry to find suitable partners in launching joint electronic manufacturing ventures.
"We have a unique opportunity for establishing linkages with the growing Indian electronics industry since Chennai is developing as the global centre for excellence in automation industry," Mr Gooneratne said. With the new development in the Indian subcontinent Sri Lanka's electronics industry has the access to new opportunities to establish linkages with Chennai to supply electronic components, he said.
He pointed out that the Sri Lankan electronics industry has established itself as a reliable supplier of electronic components such as printed circuit boards to globally renowned end users in the area of computers, bio medical engineering products, and consumer electronics "With these developments in the electronics industry we have to look for global partners to improve the output mainly to focus and develop Research and Development skills to enhance productivity in the electronic sector," he said Delivering the keynote address, Central Bank Governor Ajith Nivard Cabraal said the gross official reserves of the country surpassed the $4 billion level.
This level of reserves is equivalent to over 4.4 months of imports and is the highest ever reserves level of Sri Lanka. With the renewed investor confidence and the continuation of the steady increase in foreign exchange inflows, the country's external reserve position is expected to strengthen further in the coming months.
He added that the country is now experiencing political and economic stability and the investor confidence has improved dramatically. Domestic demand will rise along with reconstruction and development of liberated areas in the North and East. New opportunities will be created with the greater integration of the country and the expected recovery in the global economy. Therefore he said that the Sri Lankan Electronics Industry has a bright future and it is not difficult for the industry to achieve the target of Rs.1 billion in the near future.
Roshan Gunathilake and Kithsiri Rathnapriya were been elected President and Secretary, respectively of the SLEMEA for the year 2009/2010. |
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