GRI discussed the future of sustainability and developing economies at the World Rubber Summit 2018. The company was a silver sponsor of the summit this year which is held annually by The International Rubber Study Group (IRSG), this year in collaboration with the Ministry of Plantation Industries of the Government of Sri Lanka.

“Taking into consideration that we are a Sri Lankan company, we perceive the World Rubber Summit to be an exclusive opportunity for the worldwide rubber industry to discuss the current challenges the industry is facing, along with future opportunities, and most of all about how we can work in unison to advance this industry,” said Asela Gunawardena, sales and marketing director, GRI.

GRI addressed the audience of the World Rubber Summit, as their esteemed founder and managing director, Prabhash Subasinghe, also the re-elected Chairman of The Sri Lanka Association of Manufacturers and Exporters of Rubber Products (SLAMERP) Chaired the session on The Sustainable Growth Path for the Rubber Industry and what Fast Growing Economies can offer.

He brought focus to the growing need for the steady supply of natural rubber, the year 2016 indicated a gap of 200,000 tons between supply and demand. Mr. Subasinghe further centered on the need for sustainability of the workforce and the importance of direct commitment and investment in upskilling the labor force. Rubber is a $30 billion cash crop, and global consumption is expected to reach 19.4 million tons by 2020, hence there is little to no probability that the consumption and demand for natural rubber is to decrease, now or in the foreseeable future. Furthermore, there is no long-term substitute for natural rubber, it is claimed that synthetic rubber can be utilized in its place, this, however, will not prove to be a long-term alternative as synthetic rubber is produced using petroleum-based materials and have some detrimental effects to the environment, including the depletion of the Earth’s natural resources.

“Today, the country is recognized as the world’s leading solid tire exporter with over 60 percent of global market share,” Subasinghe, Managing Director, GRI . “The center of gravity of the rubber industry has shifted steadily from growing rubber to value-added product manufacturing, this indicates an exceptional promise and a bright future for the rubber industry in Sri Lanka and is undeniably a positive development.” Sri Lanka is the world’s sixth largest rubber exporter and eighth largest natural rubber producing country in the world, over 70 percent of global rubber production is accredited to the tire industry.”