Sri Lanka’s Industries Ministry launches IRFP for 16,476 businesses
The Morning: The Ministry of Industries has launched a 30-day programme to restart medium and large-scale factories and businesses crippled by Cyclone Ditwah, a post made by the Department of Government Information on its Meta page said on 14 December.
Accordingly, the post stated that the Industry Recovery Foster Programme (IRFP) comes as official data reveals the storm has disrupted a total of 16,476 businesses nationwide.
The newly established data system shows the disaster impacted businesses of all sizes: 5,625 small-scale, 3,642 medium-scale, and 521 large-scale enterprises. An additional 6,688 small-scale enterprises were also noted to be affected.
A steering committee for the programme will be operational next week, the post said.
OSL take:
While Sri Lanka’s economy is on a growth path along with the country’s target of becoming a hub in the South Asian region, there are many promising business/investment opportunities emerging in all key economic sectors in the country. The recent destruction wreaked by Cyclone Ditwah has further increased the business/investment opportunities in Sri Lanka. One of the key business/investment opportunities that has emerged in the aftermath of the cyclone is the emerging opportunities in the country’s industries sector. The strength, resilience and growth shown by Sri Lanka’s businesses and overall economy by successfully overcoming external and internal economic challenges through the years indicate the ability for local businesses to rebuild and recommence operations in the industries sector. However, the rebuilding and expansion of the country’s industries sector and Sri Lanka’s emergence as a business destination in the South Asian region combined ensure that the expanding business/investment opportunities in Sri Lanka’s industries sector would be lucrative ventures that guarantee quick returns on investment (ROIs) given the country’s strong trade ties with many foreign countries. Apart from exploring these opportunities, foreign businesses/investors could also look at setting up bases in Sri Lanka to expand operations in the region using the preferential treatment enjoyed by Sri Lanka with counties in the region.
| Article Code : | VBS/AT/20251217/Z_2 |