Cabinet nod for national policy on industrial development

Friday, 23 August 2019 00:00 - - {{hitsCtrl.values.hits}}

The Cabinet has given approval for the formulation of a national policy on industrial development, as well as to hold public consultations to develop an overarching agriculture policy.

It has been identified that disincentives such as inconsistencies in the related policies, inadequacy of the required technology and the infrastructure facilities, the dearth of skilled human resources, excessive energy cost, environmental challenges associated with industries, and the shortcomings existing in the legal system have adversely affected the development and the sustainability of the industrial sector, the Government Information Department said.

Hence, it has become a national need of the hour to formulate a successful industrial strategy which could contribute to the development of the country, minimizing the said problems.

Accordingly, the proposal made by the Industry and Commerce, Resettlement of Protracted Displaced Persons, Co-operative Development and Vocational Training and Skills Development Minister Rishad Bathiudeen to formulate the National Policy on Industrial Development, was approved by the Cabinet.

In addition, it was pointed out the agricultural sector policy presently in place has been developed in the year 2007, largely focusing on the development of crop agriculture sector. As such, action has been initiated to introduce a new Overarching Agricultural Policy to suit the emerging market dynamics, and accordingly, the joint Note presented to the Cabinet by the Prime Minister in his capacity as the Minister of National Policies, Economic Affairs, Resettlement and Rehabilitation, Northern Province Development and Youth Affairs and the Minister of Agriculture, Rural Economic Affairs, Irrigation and Fisheries and Aquatic Resources Development, to improve the said policy draft through a consultative process open for public comments, was noted by the Cabinet.