INCO 2023 sparks many opportunities for investment and industry revival | Daily News

INCO 2023 sparks many opportunities for investment and industry revival

INCO 2023, the leading Engineering Technology and Industry related exhibition and trade fair which was held at the BMICH presented a unique opportunity to local and foreign investors, to identify suitable projects and manufacturers and suppliers to meet professionals and distributors to promote their products and services. For those accessing the market for the first time, the show provided an excellent opportunity to meet key players and appoint quality distributors for their products and services and build up contacts or possible tie ups.

This exhibition created network opportunities with industry players from different sectors. The INCO Industrial Exhibition and Trade Fair was organised by the Institution of Incorporated Engineers, Sri Lanka (IIESL) and held this year under the patronage of Prime Minister Dinesh Gunawardane and Industries Minister Dr. Ramesh Pathirana and Employment Minister Manusha Nanayakkara, with the assistance of the Industrial Development Board and the Ministry of Industries this year. The exhibition consisted of 175 stalls with different varieties and sectors. With the main objective of the event being to develop and introduce products and services to the industry in Sri Lanka the expo provided many networking platforms for Sri Lankan and investors from foreign countries under one roof.

Dakshitha De Silva, an investor who arrived from the United States to participate in the event said with the Government taking a policy decision to make solar 70% of the country’s energy source in 2030 the authorities should create a practical environment for people to invest in commercial or solar projects in Sri Lanka with ease which will enable the much needed capital to flow in to the country.

A stallholder with products related to solar energy said their vision was to bring affordable and dependable solar products and expand on solar revolution here and make people self-sufficient in energy. He said by introducing solar the people will not have to worry about the power crisis. “Overall my vision is a green vision to make the country green and bring in affordable solar solutions.”

The exhibition displayed many innovative products and the organizers had also arranged a contest to judge the best innovative products.

G.D.K. Samaranayake from Rajangana, an innovative device producer said he has manufactured a device that can keep elephants, wild boar and other animals at bay for a very reasonable price. The uniqueness of this device is that animals are scared away about six feet from the parameters of the device unlike the elephant fence where the animal has to ram onto it.

A management consultant Jayantha Wijesinghe present at the expo said the authorities were not doing enough to promote innovative products produced in Sri Lanka. He said a statutory framework must be introduced to make solar energy mandatory when building new houses and factories and the exhibition offered many innovative products and renewable energy products. Many more attractive devices were at display at the exhibition.

INDUSTRY FACTSHEET: Meanwhile, the industrial Production in Sri Lanka is expected to be 2 % by the end of this quarter, according to Trading Economics global macro models and analysts’ expectations. In the long-term, the Sri Lanka Industrial Production is projected to trend around 2.50% in 2024, according to its econometric models.

According to the Census and statistics department the industrial production of the manufacturing sector for the 3rd quarter of 2022 has decreased by 15.4 % compared to the same quarter in 2021.

Among the manufacturing industries; volume of Beverages (31.8%), has shown a remarkable increase in production during the 3rd Quarter of 2022, compared to 3rd Quarter of 2021 and volume of products Manufacture of coke and refined petroleum products 57.8%) reported a decrease during this period.


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