Sri Lankan government decides to promote industrial development
Sri Lankan government decides to set up 20 advisory councils to promote industrial development

Sri Lankan government decides to set up 20 advisory councils to promote industrial development

The government of Sri Lanka has reportedly decided to set up Advisory Councils to individually resolve issues and devise policies to optimise growth of 20 industrial sectors.
According to reports, the Advisory Councils will be tasked with discussing issues related to relevant industries and joint private sector programmes with the Sri Lankan government for the development of industries, as well as advise the country’s Industries Minister Wimal Weerawansa on the effectiveness of the measures taken for the promotion of relevant industrial sectors.
The councils are to also have powers to ensure the proper discharge of its functions.
The proposal presented to the Cabinet of Minister by Minister Weerawansa has reportedly stated that the Industrial Promotion Act No. 46 of 1990 had made provisions for an Advisory Council but to date it has not been implemented.
Local media reports stated that it had been pointed out that lack of proper coordination between the line ministries, other relevant institutions and industrial sector representatives, had caused various issues and unnecessary delays in the planning and implementation process of industrial development.
The Advisory Councils therefore are to be appointed with representatives of the private sector (relevant industry or product sector Chambers, federations or associations) and those with wide experience and capacity in the relevant field of industry, including academics and relevant public sector officials.
While the Chairman and the Secretary of these councils will be selected from the private sector, the Directors of the Development Divisions of the Industries Ministry will act as coordinators.
The broader objective of these councils will be to get industry leaders’ inputs for the preparation of development plans, and recommendations based on new budget proposals, to upgrade technology and develop value chains to compete in the global market, utilising the available foreign and local assistance programmes, local media reports stated.

OSL take:

Sri Lanka is currently engaged in an aggressive development programme and is also focused on developing the country’s industries sector. Sri Lanka’s manufacturing and exports sectors have also shown a steady growth amidst the Covid 19 pandemic. Sri Lanka is also fast becoming a business hub in the South Asian region given it’s geographical positioning in the Indian ocean and the many trade agreements as well as trade concessions enjoyed by the country. Therefore, the expansion of industrial development is the next step in Sri Lanka’s economic expansion. Foreign businesses/investors could therefore explore business/investment opportunities in Sri Lanka’s industries sector.

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Article Code : VBS/AT/20210628/Z_2

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