Industries and Entrepreneurship Development Ministry goes public with focus areas, progress

Industries and Entrepreneurship Development Minister Sunil Handunneththi (centre) flanked by Deputy Minister Chathuranga Abeysinghe (left) and Secretary Thilaka Jayasundara 

The Ministry of Industries and Entrepreneurship Development says it is at the forefront of driving industrialisation and fostering entrepreneurship in the country and has updated some of the measures taken thus far and announced future plans.

Following is the notice issued by Deputy Minister Chathuranga Abeysinghe listing its objectives, spanning key areas to support and grow industries and businesses.

Core objectives: Policy Development; Industrial Support; New Business Creation; Entrepreneurship Support; Traditional Industry Development; SME Development; Export Promotion, and SOE Management.

The Ministry oversees 29 institutions, including prominent entities such as the IDB, SED, NEDA, NPS, NCC, EDB, NDC, SLITA, and SOEs related to minerals, sugar, salt, ceramics, oil, textiles, and crafts.

Key focus areas: Past 40 days

1. Stabilisation of State-Owned Enterprises (SOEs)

Many SOEs face financial challenges and operational risks. To address these, we:

• Appointed new Boards.
• Identified key issues.
• Crafted recovery strategies.

2. Budget and policy development

We worked on:

• The 2025 budget.
• A high-level strategy for industrialisation aligned with the new Government’s vision.

3. Resolution of the SME debt crisis

The SME sector has been severely affected by the economic crisis. We:

• Collaborated with the Ministry of Finance to explore solutions.
• Secured temporary relief through the Parate law extension.
• Advocated for a sustainable resolution framework.

4. Institutional restructuring

Duplication and overlapping roles among entrepreneurship support institutions prompted a restructuring process. We are developing a comprehensive model for lifecycle-based entrepreneurship support.

5. Sectoral support

The Ministry provides targeted assistance to 20 priority industries.

•  Over the past two months, we conducted three committee meetings to address key issues in areas such as taxation, labour, policy, and certification.

 nSignificant efforts were made to resolve challenges in sectors like vehicle assembly, pharmaceuticals, dairy, fisheries, gems, and jewellery.

Public Engagement

Every Monday, the Ministry holds public sessions where Ministers address individual concerns. In just five sessions, we have addressed over 200 individual issues.

Meetings with organisations and Embassies

Scheduling meetings with stakeholders has been a priority. Despite limitations, Ministers have held over 50 meetings each, engaging with organisations and exploring investment opportunities.

Planned initiatives

Our upcoming initiatives are designed to drive innovation, efficiency, and growth:

 1. Strategic direction for mineral resources

 2. Strategic restructuring of SOEs

 3. SME excellence measurement framework

 4. Creation of a Rs. 50 billion collateral-free startup loan facility

 5. Launch of a venture capital fund for startups

 6. National Productivity Awards

 7. Nationwide handloom strategy

 8. Development of four new industrial zones

 9. Digital transformation for service excellence

 10. Industrial data database

 11. Standard Operating Procedures (SOP) for used metal distribution

 12. Advisory Committee for SME funding issues

 13. Review of SOPs for EVs

 14. New tariff policy

 15. Review of current industrial policy

 16. Evaluation of existing industrial zones

 17. Digital transformation strategy for industry

The Ministry remains committed to addressing immediate challenges while setting a robust foundation for long-term industrial and entrepreneurial success.