Sri Lanka to implement National Mineral Policy 2026 to strengthen development of mineral resources
Daily FT: The Cabinet of Ministers has last week approved the implementation of the National Mineral Policy 2026, a revised framework aimed at strengthening the sustainable management and development of the country’s mineral resources.
Originally formulated in 1999, the policy was updated in 2023 to address emerging challenges and opportunities in the mining sector.
According to the revised version, key focus areas in the include; the development of an updated mineral resource database, promotion of value addition for mineral exports, encouragement of mineral-based industries, sustainable environmental management and resolution of land ownership issues arising during mineral extraction.
The updated strategy also aligns with the Government’s policy statement ‘A thriving nation – A beautiful life” on the sustainable resource use manifesto.
The proposal to this effect submitted by the Industries and Enterprise Development Minister Sunil Handunneththi was approved by the Cabinet of Ministers.
OSL take:
Sri Lanka’s mineral industry has many untapped business/investment opportunities that are lucrative in nature. Realizing the untapped potential in the country’s mineral industry, the Sri Lankan government and local authorities have taken steps to implement a National Mineral Policy, which would help develop the industry and related sectors. Apart from minerals that are used as raw materials by many industries, Sri Lanka’s expanding export industry, especially value added export products, are also business/investment opportunities that could be explored by foreign businesses/investors on the lookout for lucrative ventures in Sri Lanka. Given Sri Lanka’s ongoing economic expansion and the target of becoming a hub in the South Asian region, have made the country an emerging business destination in the region and poised for further expansion. Also, the strong trade ties with many foreign countries that are being further expanded have added to the many opportunities on offer for foreign businesses/investors, who could further explore the possibility of expanding operations through partnerships or joint ventures with local businesses already engaged in the mineral industry.
| Article Code : | VBS/AT/20260216/Z_2 |