Registration of new companies in Sri Lanka increases by 4%

Registration of new companies in Sri Lanka jumped 4 percent in 2011 and the overall economy has expanded into new sectors, a statement from the Industry and Commerce Ministry said here on Monday. Despite financial crisis around the world, Sri Lanka managed reasonable growth ending the third quarter with an impressive 8.4 percent. The ministry points out that there is renewed interest in chemical, petroleum and rubber industries posting the largest expansion in 2011. Apparel, one of Sri Lanka's largest foreign exchange earners is also sewing its way to prominence with that sector being the second most popular. In the third quarter of 2011, Sri Lanka's industrial sector expanded by 10.8 percent, according to the latest data from the central bank. Sri Lanka is hoping to top one billion U.S. dollars in exports this year and has already laid ambitious plans to improve the ease of starting up a business by taking it online.