Deputy Minister of Industries and Entrepreneurship Development Chathuranga Abeysinghe has engaged in a discussion with the Country Manager of the World Bank, Gevorg Sargsyan on the issues faced by Sri Lankan industries.
During the discussion, the Deputy Minister highlighted several structural challenges that have hindered the growth of Sri Lankan industries over the past four decades, including the absence of a national integrated industrial plan, limited access to capital for industrialists, weak institutional support for industrial growth, a lack of anti-dumping policies to protect local industries, and the shortage of a skilled workforce essential for sustainable development.
Issuing a statement, Deputy Minister Abeysinghe said they addressed pressing contemporary issues, such as the adverse impacts of recent tax policy changes and the challenges arising from non-performing debts.
In addition, the government’s strategic vision for industrial development, short-term goals, and the specific forms of assistance required to achieve these objectives were also outlined.
Meanwhile, the World Bank delegates shared insights into their ongoing programs and areas where they could support Sri Lanka’s initiatives.
Notably, they emphasized their focus on the Business Ready Index, technical assistance for research, and State-Owned Enterprise (SOE) restructuring.
Beyond their pledged funding for agricultural transformation, they offered insights on how their expertise could align with our broader objectives, the Deputy Minister added.
The World Bank team included Gregory Smith (Lead Economist), Victor Anthonypillai (Senior Country Officer, IFC), and Amila Dahanayake (Economist). The Deputy Minister’s team comprised Yasas Hewage (Personal Secretary) and Melani Augustine (Coordinating Secretary). (Newswire)