President pledges to set up provincial economic development boards

President Ranil Wickremesinghe yesterday announced the government’s decision to set up provincial economic development boards in a bid to decentralize economic authority among the provinces.    The Government is working to ease numerous legal regulations that have impacted businesses and is developing a new institutional framework to support entrepreneurs, the President told the Kandy District Trade Association.  

 “I plan to include businesses in the new legislation and reduce many existing laws and regulations,” Wickremesinghe said, adding that the Government is working towards the new Economic Commission. Strengthening regional trade boards is essential as we decentralize the economy. I have also proposed the establishment of provincial development boards, a plan that has received support from other stakeholders,” he said in this regard.   

Also he said plans are being made to transform Kandy into a major economic hub, with implementation set to begin next year, the President said.  

During the meeting, the Kandy business community representatives discussed their business challenges with the President and also presented their set of proposals.