ECONOMYNEXT – Sri Lankan has got the help of Indian experts to improve tyre manufacturing processes and develop new products with the aim of enhancing competitiveness to increase global market share.
Sri Lanka accounts for 25 percent of the world’s solid tire market and the rubber industry is the fourth largest foreign exchange earner, Export Development Board (EDB) director general Jeevani Siriwardena said.
“Sri Lanka’s exports as a share of gross domestic product has been going down,” she told a forum on tyre product innovation, technology and research and development to upgrade the knowledge of the tyre industry personnel with Indian experts.
“The share of exports should be increased rapidly, for which we need programs of this nature,” she told the forum held by the EDB and the Sri Lanka Association of Manufacturers and Exporters of Rubber Products and The Plastics and Rubber Institute.
The form’s aim was to enhance the technical knowledge of the tyre industry personnel to provide exposure on latest developments and R&D in the international tyre industry to be competitive in the global market by adopting cost effective and quality improvement techniques.
In order to sustain and grow in the international market, experts said the tyre industry has to constantly upgrade their production processes, adapt and improve their products, and invest in R & D and innovations.
The industry is aiming to achieve an export income of over US$ 3 billion from rubber products by 2026, despite facing raw material supply shortages, intense competition from developed countries with access to higher capital, better technology, bigger markets, advance human resources and productivity and better industry infrastructure.
A key strategy of the Rubber Master Plan is innovation and product differentiation for niche market segments, adding more value per ton of rubber used, using advanced technologies, according to the Sri Lanka Association of Manufacturers and Exporters of Rubber Products.
(COLOMBO, July 19, 2018)