Sri Lanka plans national strategy to strengthen industrial sector and boost local production

The new government of Sri Lanka is taking steps to establish a production-oriented economy by developing the entire industrial sector, including industrial zones that were previously created based on political agendas, under a National Industrial Strategy.

This was stated by Minister of Industry and Entrepreneurship Development, Sunil Handunnetti, during an inspection tour of the Industrial Development Board (IDB) in Katubedda yesterday (November 28).

The inspection was attended by Deputy Minister of Industry and Entrepreneurship Development, Chathuranga Abeysinghe.

The primary goal of the visit was to align the operations of the IDB, which operates under the Minister of Industry, to better support local industrialists by creating more opportunities for them to develop their industries.

During the tour, the ministers examined various departments of the institution, including engineering, warehouses, manufacturing units, laboratories, and workshops.

They instructed officials to address existing issues promptly and ensure that industrialists receive the required services more efficiently.

Speaking to the media, Minister Handunnetti said:

“There are currently 33 industrial zones under the Minister of Industry and 17 more under the IDB. However, most of these zones were initiated based on political motives rather than a national strategy.

The current government, upon assuming office, has taken action to rebuild these zones, along with the entire industrial sector, under a National Industrial Strategy.

This strategy aims to increase national production and, in turn, boost the country’s export revenue.

Going forward, the focus will be on manufacturing all possible products locally and importing only essential goods.

The Minister of Industry is prepared to address the challenges faced by industrialists. They will also ensure the availability of raw materials required by industrialists. All state-sector raw materials will be distributed to industrialists through the IDB.”

Additional Secretary of the Ministry of Industry and Entrepreneurship Development, Mahesh Abeysinghe, IDB Chairman Ravi Nissanka, ministry officials, and IDB officers participated in the inspection tour.