COLOMBO: Sri Lanka’s revenue from exports of rubber and rubber-based products has crossed $1 billion in 2021 and will grow to $3 billion by 2025, local media cited a statement from the Export Development Board (EDB) as reporting here on Monday.

The EDB was quoted by the local daily The Morning as saying that it intends to increase Sri Lanka’s export revenue from rubber and rubber-based products to $3 billion by 2025.

The statement said that a proposed industrial zone in the town of Horana, around 42 kilometer away from Colombo, will help attract rubber manufacturing firms to achieve the target.

“Sri Lanka holds close to a 30 per cent share of the global solid tyre market and more than 10 internationally renowned companies manufacturing and exporting products under international brand names,” the EDB said.

According to the EDB, over 100 rubber and rubber-based product export companies are based in Sri Lanka, employing 50,000 workers. Sri Lanka’s rubber industry provides 300,000 direct and indirect jobs.

Sri Lanka produced 78,206 metric tons of rubber in 2020.