Sri Lanka to merge industrial agencies into new ‘Innovation Authority’

Sri Lanka
By Editor_1
Minister of Industry and Entrepreneurship Development Sunil Handunnetti addressing Parliament - ENCL/File

COLOMBO – Sri Lanka plans to consolidate its industrial regulatory framework by merging three key state agencies into a single institution aimed at streamlining support for businesses and accelerating industrial development, Minister of Industry and Entrepreneurship Development Sunil Handunnetti said.

“We have identified three primary agencies required for industrial activities. We are working to integrate them and streamline operations in order to make work much easier,” Handunnetti told Parliament, explaining that the government was also in the process of establishing a new body called the Sri Lanka Industrial Transformation and Innovation Authority (SITIA) and that it would absorb the Industrial Development Board (IDB), the National Enterprise Development Authority (NEDA), and the Small Business Development Division.

Handunnetti said Cabinet approval had been obtained for the move in January, and that his ministry was now in the final stages of drafting the Act to eliminate duplication of work and make it easier for entrepreneurs to navigate the system.

As part of the broader industrial strategy, the government is also planning to establish 33 industrial zones across the country to attract investment and expand manufacturing capacity.

A 20-acre industrial zone within the Suriyawewa industrial park is nearing completion, while the Aluthapola industrial zone has been prepared for handover to investors, Handunnetti noted, adding that construction has also begun on a specialized chemical production zone in Paranthan and a leather-focused industrial park in Valachchenai.

To attract long-term capital, the government plans to offer 35-year leases on land within these zones at prices based on state valuations, the minister said.

“Even in areas where infrastructure development is still under way, such as the 50-acre site in Nochchiyagama or the 9.25-acre industrial park in Wellawaya, we are ready to allocate land to suitable investors,” Handunnetti said.

-economynext.com/ENCL

Editor_1
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