Sri Lankan government to formulate national policy on industrial development
Sri Lanka’s Government Information Department has stated that the Cabinet of Ministers has granted approval last week for the formulation of a national policy on industrial development and to hold public consultations to develop an overarching agriculture policy.
The Government Information Department has stated that it has been identified that disincentives such as inconsistencies in the related policies, inadequacy of the required technology and the infrastructure facilities, the dearth of skilled human resources, excessive energy cost, environmental challenges associated with industries, and the shortcomings existing in the legal system have adversely affected the development and the sustainability of the industrial sector.
It has therefore been noted that it is a national need to formulate a successful industrial strategy which could contribute to the development of the country, minimising the said problems.
Accordingly, the proposal made by Sri Lanka’s Industry and Commerce, Resettlement of Protracted Displaced Persons, Co-operative Development and Vocational Training and Skills Development Minister Rishad Bathiudeen to formulate the National Policy on Industrial Development was approved by the Cabinet.
In addition, it was pointed out the agricultural sector policy presently in place has been developed in 2007, largely focusing on the development of crop agriculture sector and action has been initiated to introduce a new Overarching Agricultural Policy to suit the emerging market dynamics.
Accordingly, the joint Cabinet Note presented to the Cabinet by Sri Lanka’s Prime Minister in his capacity as the Minister of National Policies, Economic Affairs, Resettlement and Rehabilitation, Northern Province Development and Youth Affairs as well as Sri Lanka’s Minister of Agriculture, Rural Economic Affairs, Irrigation and Fisheries and Aquatic Resources Development, to improve the said policy draft through a consultative process open for public comments, was also approved by the Cabinet.
OSL take:
The move by the government of Sri Lanka to formulate a national policy on industrial development would undoubtedly result in the creation of new business/investment opportunities as well as contribute to the overall development of the county’s economy. Sri Lanka is already engaged in an aggressive development programme that covers all key economic sectors islandwide. Sri Lanka also has a strong exports sector that has been supported by many trade agreements as well as trade concessions enjoyed by the country with foreign countries. Therefore, foreign businesses/investors could explore business/investment opportunities in Sri Lanka’s industrial sector.
| Article Code : | VBS/AT/28082019/Z_1 |