Sri Lanka unveils plans to boost manufacturing, exports

Colombo, July 31 Sri Lanka's Ministry of Industries has prepared a national industry policy and a five-year strategic plan for 2023-2027, a government official announced here on Wednesday.

During a press briefing at the Presidential Media Centre, Secretary to the Ministry of Industries Shantha Weerasinghe said by 2030 the policy aims to increase the manufacturing sector's annual contribution to GDP from 16 to 20 per cent, raise the role of entrepreneurship in the workforce from 2.8 to 7 per cent, and boost the share of industrial exports in GDP from 14 to 20 per cent, Xinhua news agency reported.

These will build a globally competitive national industrial base in Sri Lanka, he added.

Weerasinghe said a bill to amend the Industrial Promotion Act has been submitted to the Attorney General's Department for approval.

He added that the Ministry of Industries has introduced a registration system for manufacturing industries, with 3,925 industries registered by June 2024.

The government has allocated funds to a loan scheme to enhance leadership and entrepreneurship in small and medium enterprises in 2022, he said.

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor