Economic Transform Bill to drive Sri Lanka's development: Reports

This bill encompasses key provisions, including the establishment of crucial institutions such as the Economic Commission, Sri Lanka Zones of Investment, International Trade Office, Sri Lanka Economics and International Trade Institute, and the National Productivity Commission.

This is as per media reports, which added according to cabinet co-spokesman and minister Bandula Gunawardena, these institutions are designed to be the foundational pillars of the nation’s economic framework, facilitating strategic planning, investment promotion, trade facilitation, capacity building, and productivity enhancement.

The decision stems from cabinet approval granted on March 4, 2024.

Gunawardena emphasised that the Economic Transform Bill embodies structural, quantitative, and qualitative changes aimed at driving economic growth and transformation even as he anticipated that once enacted, this legislation will play a pivotal role in reshaping Sri Lanka’s economic landscape, ushering in a new era of development and prosperity.

The envisaged institutions are poised to serve as vital components of the country’s economic infrastructure, providing essential support for various aspects of economic development and ensuring a conducive environment for sustainable growth.

ALCHEMPro News Desk (DR)