Apperal industry already exceeds:

More sectors can hit 1b target soon

Sri Lanka has many businesses that can reach the US$ one billion mark apart from apparel sector and with government assistance there are many other ventures that can reach to this mark.

Speaking at the Aeturnum Lanka first anniversary celebrations in Sri Lanka, the Minister said that tourism is already generating around 450 million and is can easily reach the US$ million mark.

Sri Lanka was ahead of both India and the Maldives in tourism a few years ago. However, both these courtiers have surged ahead of Sri Lanka by over 20 to 30 per cent. The security situation in the country also put a check on the tourism industry, he said.

Dr. Amunugama identified the gem and jewellery and the diamond export sector as a lucrative money-spinner and that can also be converted to a US$ one billion industry. The sector has already in generation around US$ 500 million.

With the Chinese company deciding to build the Hambantota harbour project, he said that there is an emerging business for ship repairing.

“This is an area that has to be promoted aggressively,” he said. The fourth sector the Minister identified with the potential to reach annual revenue in the excess of US$ one billion is IT.

“I am happy that the private sector has taken a lead role in this area. I am ashamed to admit that if the government was involved in this sector they would be still shuffling with paper work and nothing would have been done,” he said.

He said that the Indian IT revolution was sparked off by the free education policies that were meted out by Jawaharlal Nehru and Sri Lanka fell back as there was a lot of opposition for educations reforms in Sri Lanka.

He said that the opening of the IT Park in Katunayake too would help the IT industry and it would also provide more opportunities for youth. Minister said that the Government on their part would assist all these industries to reach to a higher platform.