By: Staff Writer
Colombo (LNW): Sri Lanka’s Industrial sector is to be promoted with government intervention by providing necessary incentives and inputs to overcome its present set back with contraction by 16.0% amidst economic crisis.
Minister of Industry and Health, Dr. Ramesh Pathirana, stated that due to the limited availability of land for industrial purposes in Sri Lanka, the objective is to designate 646.3 square kilometres 1% of the nation’s total land area for industrial use.
Furthermore, he pointed out that there was a remarkable opportunity to achieve a historic record in our country’s export earnings, with the potential to reach 13.1 billion dollars by the year 2022.
“Amid the recent dual challenges of the COVID-19 pandemic and economic crises, individuals across all sectors, from small enterprises to large corporations, devoted their collective efforts to enhance Sri Lanka’s production.
Domestic entrepreneurs played a pivotal role in elevating both domestic production and exports, particularly during periods of import restrictions.
As a result, there was a promising opportunity to achieve an unprecedented milestone by generating an export income of 13.1 billion dollars by 2022.
Sri Lanka faces limitations in the available land for industrial purposes, hindering the growth of our industrial sector.
To address this, measures are being taken to expand industrial land allocation, with a target of dedicating 1% of the nation’s total land area for industrial purposes.
The National Policy for Industrial Development of Sri Lanka (NaPID) has been meticulously formulated and presented to the Cabinet. It has gained approval for inclusion in Sri Lanka’s National Policy Framework (2023-2048) by the Committee on Economic Stabilization Revitalization and Growth Enhancement.
Furthermore, a comprehensive five-year strategic plan related to the industrial policy has been developed and its implementation is already underway within the ministry.
The process of amending the Industrial Promotion Act No. 46 of 1990 to align with current and future requirements has reached its conclusion. The initial draft, along with recommendations from the Drafting Department, has been finalized.
Additionally, the second draft related to the formulation of the national policy regarding automobile production, including assembly and manufacturing of automobile components, has been completed.
This draft has been submitted to relevant stakeholders and after productive discussions; the national policy concerning vehicle assembly is nearing its finalization.
