Nov 12, 2021

BUDGET 2022 : Industries and Investment

The Finance minister, in his budget speech, expressed several proposals with regard to the production and investment sectors.

• Opportunities in local and foreign markets for fruit, vegetable and liquid dairy production.

• Private sector is encouraged to produce pharmaceutical drugs locally.

• New market opportunities for the apparel industry. USD 1 billion annual foreign exchange expected through apparel sector developments.

• Prices of raw material needed for electronic manufacturing to be reduced.

• Sri Lanka to be developed as a wellness tourism and event tourism destination.

• Women entrepreneurs to be provided with uncultivated lands to encourage local agriculture. The government to create agro parks.

• Green Agriculture Development Act to be introduced to safeguard farmers.

• Foreign investments to be encouraged by removing restrictions and simplifying existing regulations.

• Investors encouraged to build an international school and hospital in every district.

• Migrant workers to be provided with advanced knowledge and training. The opportunities for these workers to be increased through discussions with foreign missions.

• Discussions to be held with foreign parties to promote Green bond financing services to aid sustainable development.

• Over 80% of Sri Lankans are in jobs related to agriculture. Therefore the government will reinforce investments in this sector.

• Local organic fertilizer to be produced to meet the requirements of the 2022 Maha cultivation season.

• Rs. 5,000 million to be allocated to develop agrotechnology.

• Fresh milk production to be encouraged with an allocation of Rs. 1,000 million.

• Batik and handloom manufacturing sector to be aided with an allocation of Rs. 1000 million. Basic infrastructure to be developed with an allocation of Rs. 5,000 million.

• SME industries are encouraged to establish industries in other areas except for Colombo, Gampaha and Kalutara in Western Province with special support in obtaining land, electricity and water.

 

 

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