Rubber industry targets doubling export income to USD 2 Bn by 2030

DeveloperThe current income from Sri Lankan rubber product exports is around USD one billion and one of the main objectives of the industry is to increase the income to USD two billion by 2030 said Rubber Technology and Development Department, Rubber Research Institute of Sri Lanka’s Head, Dr. Dilhara Edirisinghe (PICTURED) at the second day of the TechBiz Rubber Week hybrid event being held at Ramada Hotel.

Over 85% of local rubber products are exported to US and EU countries, tyres and gloves being the main products and this segment can be easily increased.

The solid tyre manufacturing companies cater to over 30% of the global demand. Sri Lanka is the global leader of solid tyres.

Sri Lanka is ranked in the fifth position in the global glove industry and over 500,000 people are employed in the rubber industry here within the plantation and manufacturing sectors,” he added.

Global market share for Sri Lanka rubber products is around 0.25% and 80% of the turnover is converted into value added products. The country must also look to diversify the local manufacture of product range and expand the product basket which will result in reduction of imports and enhancing export earnings. Another objective is to replace the synthetic harmful material in rubber composites with natural materials which will lead to manufacture of green products.

National Innovation Agency Sri Lanka’s Senior Innovation Officer Vindya Wijesinghe said, “There is uniqueness in our rubber which is odor-free and we must bequeath value addition to export oriented rubber products to obtain geographical indication for it as for Ceylon cinnamon. “Investing in research and development thus is crucial for the industry’s growth. Collaborations with universities and research institutes can lead to break-through in sustainable practices.”

Intellectual property (IP) and innovation play key roles in making local rubber products more competitive in the marketplace. The National Innovation Agency is mandated to build the innovation ecosystem of the country, commercialization and IP management. TechnoBiz event honored and inducted three eminent Sri Lanka Rubber Industry professionals; Thilak De Zoysa, Dr Nanda Fernando and Pierre Pringiers into ‘Rubber World – hall of Fame’ for their dedication and outstanding contribution to the industry.

The program includes training, conferences, CEO forum, Hall of Fame awards, rubber clinic and rubber quiz.

Source: Daily News