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Sri Lanka to table bill that will allow competitors to import petroleum products
ECONOMYNEXT – Sri Lanka’s cabinet of ministers has approved a proposal to allocate land from 13 industrial zones for 25 SME sector investors, cabinet spokesman Minister Bandula Gunawardena said.
The land allocation will be carried out under a ‘Regional Industrial Zones Development Programme’, he said, with the aim of promoting the industries at regional level
The proposal had been made by Minister of Industries Ramesh Pathirana.
“The government has allocated land in industrial zones for investors unable to purchase lands and build factories on their own,” said Gunawardena, speaking at the weekly cabinet press briefing on Tuesday August 09.
“Under this, 25 local investors will be given 13 lands from industrial zones to start factories, production of new goods and to create more job opportunities in the market,” he said.
Small and Medium Scale Enterprises (SMEs) make up a large part of Sri Lanka’s economy, accounting for 80 per cent of all businesses.
There are SMEs in the agri-business sector engaged in growing spices, fruits and vegetables and in the manufacturing sector engaged in numerous industrial activities accounting for about 20 percent of industrial establishments.
In the service sector, SMEs accounts for more than 90 percent of business establishments and SMEs are an essential source of employment opportunities and are estimated to contribute about 35 percent of employment in the country. (Colombo/Aug09/2022)
