Sri Lanka has introduced its "National Industry Policy" alongside a five-year strategic plan for 2023-2027, targeting significant economic growth. The Secretary to the Ministry of Industries, Shantha Weerasinghe, said that the plan has been submitted to the Department of National Planning.

The policy aims to enhance the manufacturing sector's GDP contribution from 16% to 20% and increase entrepreneurship in the workforce from 2.8% to 7% by 2030. Industrial exports are also set to rise from 14% to 20% of GDP. To support these goals, a bill to amend the Industrial Promotion Act is awaiting approval from the Attorney General's Department.

Key initiatives include the introduction of a Standard Operating Procedure for local vehicle assembly, the approval of 70 new vehicle models, and the registration of 3,925 manufacturing industries. The Ministry has allocated substantial funds for small and medium enterprises and environment-friendly projects, with significant investments in the Valaichchenai and Embilipitiya Paper Mills, Lanka Mineral Sands, and Lanka Phosphate.

Additionally, the gem, jewellery, and diamond export sector saw substantial growth, with exports contributing USD 194 million by mid-2024. Plans for a cinnamon-focused processing centre and annual exhibitions to promote local industries were also highlighted.

The announcement was made at the "Two Years of Progress and Way Forward" press briefing at the Presidential Media Centre, attended by key industry officials.