August 01, Colombo (LNW): Shantha Weerasinghe, Secretary to the Ministry of Industries, announced the submission of the “National Industry Policy” and the 2023-2027 strategic plan to the Department of National Planning.
This initiative aims to boost Sri Lanka’s manufacturing sector, increasing its GDP contribution from 16 per cent to 20 per cent by 2030, and enhancing entrepreneurship and industrial exports.
During a recent press briefing, Weerasinghe detailed the Ministry’s efforts, including amendments to the Industrial Promotion Act, the introduction of new vehicle assembly regulations, and the establishment of an online industry registration system.
Significant financial support has been allocated to small and medium enterprises through various loan schemes.
Revitalised state enterprises, like the Valaichchenai and Embilipitiya Paper Mills, have resumed production, while Lanka Mineral Sands Limited and Lanka Phosphate Limited have reported substantial sales.
The gem and jewellery sector has also seen growth, with significant contributions to the national economy.
Plans for a cinnamon processing centre in Karandeniya and the successful hosting of national and international industry exhibitions were highlighted.
The Ministry’s initiatives aim to foster industrial growth, innovation, and international trade, contributing to Sri Lanka’s economic development.
