Sri Lanka Plast 2012, organised by Enterprising Fairs India Pvt. Ltd and co-organised by Plastics and Rubber Institute of Sri Lanka, will be held at the Sri Lanka Exhibition and Convention Centre (SLECC) from 10 to 12 August. It is supported by CIPET – Central Institute of Plastics Engineering Technology, India, the Central Environment Authority of Sri Lanka and the High Commission of India.
India has made tremendous progress in the plastics processing sector. From a modest one million tonne in the late 90s, India’s plastic production has now crossed 10 million tonnes per annum. The Sri Lanka Plast exhibition is being held in Colombo with the objective of promoting two-way flow of experience and expertise in this sunrise sector. It will provide a platform for Indian companies to showcase their strengths and capabilities and encouraging them to partner with Sri Lankan companies interested to expand in this sector. Besides expanding the scope of bilateral trade in this sector, this exhibition can certainly be of immense benefit to the Sri Lankan plastics industry by forging partnerships to build capacities and capabilities.
India and Sri Lanka enjoy a growing and vibrant trade and investment engagement in the overall context of warm and friendly relations between the two countries. Bilateral trade has expanded by a multiple of eight since the Free Trade Agreement (FTA) was signed and was approximately US$ 5 billion in FY 2011-12. Sri Lanka is India’s largest trade partner in SAARC; India in turn is Sri Lanka’s largest trade partner worldwide. Both countries have undertaken substantial investments in each other as well. Indian companies have established a strong investment footprint in Sri Lanka with FDI approvals of over $700 million since 2003. Services trade, educational exchanges, infrastructure projects, tourism, and other sectors of economic cooperation too have increased significantly. Sri Lanka Plast 2012 will give a boost to mutual cooperation in plastic processing industry.
The current consumption of plastics in Sri Lanka is around 175,000 metric tons per annum with nearly 800 plastics processors predominantly in the small and medium sectors. With Sri Lanka’s plastics industry expected to grow by 15%-20% in the near future, the only way to meet this demand is to create new manufacturing facilities and capacities. This can be achieved by the expansion of existing plastics processors and the entry of new entrepreneurs.
Plastics processing is one of the few industries where anyone can become an entrepreneur with different levels of investment – from small and affordable investments to large investments. This sector can be the backbone of small and medium enterprises and can create new employment opportunities across the country.
Parallel to the exhibition, a seminar jointly organised by the Plastics and Rubber Institute of Sri Lanka and the Indian Plastics Institute, Chennai chapter on theme ‘Opportunities and Advancements in Plastics Processing’ will be held on Saturday, 11 August.