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Govt prioritizes local industries and investment zones in economic strategy

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Photo: PMD
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President Anura Kumara Dissanayake met with officials from the Ministry of Industry and Entrepreneurship Development at the Presidential Secretariat on Friday.

The primary focus of the discussion was the enhancement of the manufacturing sector’s efficiency and integration to boost Sri Lanka’s national economy.

Key topics addressed included strategies for government-led initial investments, proper regulation to empower small and medium-scale entrepreneurs, and the establishment of local industries within investment zones.

The meeting also highlighted challenges faced by small and medium-scale enterprises (SMEs), particularly around securing business loans.

President Dissanayake also directed officials to expedite the release of land allocated to the Ministry of Industry, which has yet to be distributed, in a bid to support the growth of SMEs and local industries.

Further deliberations were centered on strengthening local industries through maintaining and regulating import restrictions, ensuring the prioritization of local suppliers in construction industry procurement, and addressing issues in the gem and jewellery sector.

The President emphasized the importance of resolving these issues to maximize the sector’s contribution to the country’s economy.

Additionally, President Dissanayake instructed officials to quickly implement tax exemptions for tourists, aiming to provide a boost to the gem and jewelry industry, a key sector for Sri Lanka’s economy.

Minister of Industry and Entrepreneurship Development Sunil Handunnetti, Deputy Minister Chathuranga Abeysinghe, Secretary to the President Dr. Nandika Sanath Kumanayake, and Secretary to the Ministry of Industry and Entrepreneurship Development Thilaka Jayasundara also attended.

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