Govt. explores optimal use of mineral resources to boost economy

State Minister of Urban Development and Housing Arundika Fernando

•  State Minister Arundika Fernando says new Act to protect environment and ocean
• Announces proactive measures to combat sea erosion along coastline 
• Plans to expand Department of Coastal Conservation role in tourism sector and conservation efforts
• Intends to expand investment opportunities in rich mineral resources

State Minister of Urban Development and Housing, Arundika Fernando laid out a comprehensive vision for the economic future emphasising the strategic significance of harnessing the country’s mineral resources for sustainable economic growth. 

In a press conference held at the Presidential Media Centre, he underscored the potential for creating high-value-added products from mineral resources and stressed the importance of carrying out these activities with a steadfast commitment to safeguarding the country's land. 

“We stake our claim to an island graced by one of the world's most exquisite beaches. Our nation also boasts a wealth of valuable mineral resources. Furthermore, from a geographical standpoint, we occupy a strategically vital position in Asia,” he added.

He announced proactive measures, funded by the Government, to mitigate this issue. Notably, the Department of Coastal Conservation has undergone significant expansion to play a pivotal role in fortifying the tourism sector while safeguarding the natural beauty of the coastline.

Addressing concerns involving hotels, investors, and the Department of Coastal Conservation, Fernando assured a flexible approach for resolution. The Government’s commitment lies in facilitating tourism-related construction projects, opening doors for interested investors while preserving the unique cultural heritage of coastal regions.

“Our efforts are directed at facilitating construction projects within the tourism industry for interested investors,” he said.

Noting that Sri Lanka’s renowned beaches have earned global recognition, he revealed plans for extending investment prospects along the coastline. 

“Collaboration with agencies like the Board of Investment and the Land Ministry will be instrumental in this endeavour. A dedicated program has been carefully crafted to invigorate the tourism sector while concurrently advancing land conservation efforts. Given Sri Lanka’s rich mineral resources, we have devised plans to expand investment opportunities while remaining committed to land conservation,” he explained.

Additionally, he said the Department of Coastal Conservation actively participates in initiatives aimed at enhancing the value of our mineral resources. These resources have the potential to yield significant value through the production of value-added goods.

“We are committed to introducing a new environmental and Ocean Protection Bill in our country. This legislation will play a vital role in safeguarding our natural resources. Our primary focus must centre on pioneering innovative programs that contribute to our country's economic recovery. Timely and effective resource management is crucial for initiating income-generating initiatives,” Fernando said.

He also said the Government aspires to establish a specialised bank dedicated to the advancement of our domestic industries. 

Recognising that some financial institutions have constrained their support for the construction industry, he said the Government is actively addressing the challenges that have emerged within this sector.