Industries Ministry’s new national policy, 5-year plan to increase sector output

By Nuzla Rizkiya  

The Industries Ministry this week unveiled a new National Industry Policy along with a five-year strategic plan for 2023-2027, targeting a significant overhaul in outputs from the industrial sector.  

Under the policy, the government is aiming to boost industrial exports and the manufacturing sector contribution tally with 20 percent of gross domestic product while raising the number of entrepreneurs on the local workforce from 2.8 percent to 7 percent by 2030.  

Industries Ministry Secretary Shantha Weerasinghe shared that the new policy along with the five-year plan has been submitted to the National Planning Department for further enhancement.  

“The Industries Ministry has played a crucial role in reviving the country’s economy amid past economic crises. This initiative aims to establish a globally competitive national industry base in Sri Lanka,” Weerasinghe said while addressing a press briefing titled ‘Two Years of Progress and Way Forward’, at the Presidential Media Centre, on Wednesday. 

He also shared that the ministry handed over the final bill for the amendment of the Industrial Promotion Act to the Attorney General’s Department, for approval. This is in a bid to ensure that the legislation meets the current and future needs of the local industrial sector.

 
Meanwhile, the Industries Ministry plans to set up a cinnamon-focused processing centre within the cinnamon-related industrial park in Karandeniya. 

The complex is set to offer facilities for 100 local cinnamon growers and suppliers, especially on the value addition avenue to access international markets, according to Weerasinghe. 

The government too last month established the Cinnamon Cultivation Department, in a bid to encourage the increased local output of the spice.  

Moreover, the Industries Ministry said that 3,925 new manufacturing industries have been registered in Sri Lanka as of June 2024, under its new registration system. 

In addition, the ministry’s loan scheme to support the small and medium-scale enterprises will also fund 179 local projects in the country, through the Rs.1,647 million interim budget allocation for the year.