ECONOMYNEXT \u2013 Sri Lanka is moving to consolidate its industrial regulatory framework by merging three key state agencies into a single entity, Minister of Industry and Entrepreneurship Development, Sunil Handunnetti said.<\/p>\n
\u201cWe 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,\u201d Handunnetti told parliament.<\/p>\n
\u201cWe are also in the process of establishing a new body called the Sri Lanka Industrial Transformation and Innovation Authority (SITIA) in place of the above,\u201d Handunnetti said.<\/p>\n
The new authority will absorb the Industrial Development Board (IDB), the National Enterprise Development Authority (NEDA), and the Small Business Development Division, he said.<\/p>\n
\u201cWe obtained Cabinet approval for this move in January. We are now in the final stages of drafting the Act to eliminate duplication of work and make it easier for entrepreneurs to navigate the system,\u201d Handunnetti said.<\/p>\n
There were also plans to create 33 industrial zones across the country, according to the minister.<\/p>\n
\u201cA new 20-acre industrial zone is being developed within the Suriyawewa park in Hambantota it is now in the final stages,\u201d Handunnetti said.<\/p>\n
In Gampaha, the Aluthapola industrial zone has been prepared for handover to investors, he said.<\/p>\n
Work has commenced on a specialized chemical production zone in Paranthan and a leather-centric park in Valachchenai, Batticaloa.<\/p>\n
To attract long-term capital, the government is offering 35-year leases on land within these zones, priced according to state valuations, he said.<\/p>\n
\u201cEven in areas where we haven\u2019t fully completed the infrastructure, such as the 50-acre Nochchiyagama site or the 9.25-acre park in Wellawaya, we are ready to provide land to suitable investors,\u201d Handunnetti said. (Colombo\/Mar7\/2026)<\/p>\n","protected":false},"excerpt":{"rendered":"ECONOMYNEXT \u2013 Sri Lanka is moving to consolidate its industrial regulatory framework by merging three key state agencies…\n","protected":false},"author":2,"featured_media":332231,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15],"tags":[114,293,85,46],"class_list":{"0":"post-332230","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-entrepreneurship","8":"tag-business","9":"tag-entrepreneurship","10":"tag-il","11":"tag-israel"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/332230","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/comments?post=332230"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/332230\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media\/332231"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media?parent=332230"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/categories?post=332230"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/tags?post=332230"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}