By: Staff Writer
April 02, Colombo (LNW):Sri Lanka is advancing in the global manufacturing value chain by adding value to electrical equipment and components imported from China. The country aims to enhance its exports, particularly in the electrical sector, by adding 25% value locally and re-exporting these products. The Government is focusing on trade and investment reforms, promoting innovation, and reducing service link costs to integrate domestic companies into global production networks.
Chaturanga Abeysinghe, Sri Lanka’s Minister of Industry and Business Development, announced that the country is working to boost its electrical equipment exports to US$ 1 billion, a significant increase from the current US$ 420 million. The government is committed to promoting private sector entrepreneurship to achieve this goal. Abeysinghe made these remarks during the launch of a partnership between Sri Lanka’s ME Group and China’s Dvolt Electric Limited. This collaboration is expected to expand the global sales of electrical equipment and accessories, thus increasing foreign exchange earnings.
The ME Group, a prominent electrical equipment manufacturer in Sri Lanka, has been in operation since 1995. It is now working with Dvolt Electric Limited, a leading Chinese company ranked among the top 100 in the electrical equipment industry. This partnership involves the import of 180 products from China, which will be locally processed and value-added before being re-exported to markets like the United States and European Union nations.
The ME Group’s extensive network of affiliated companies, including Micro Electric International Pvt Ltd, Micro Enterprise and Electrical Pvt Ltd, Divolca Electrical India Pvt Ltd, and Royal Organic Export Pvt Ltd, strengthens the company’s position in the industry. Dhammika Samaraweera, the founder and chairman of the ME Group, along with Vice-chairperson Kumari Samaraweera, has been instrumental in advancing the local electrical equipment manufacturing sector.
The collaboration between The ME Group and Dvolt Electric Limited aligns with Sri Lanka’s broader strategy to increase its export capacity and global competitiveness in the electrical equipment industry. The success of this partnership could be a significant step toward achieving the goal of US$ 1 billion in exports.
