Wednesday Dec 31, 2025
Wednesday Dec 31, 2025
Wednesday, 31 December 2025 00:23 - - {{hitsCtrl.values.hits}}
The Cabinet of Ministers on Monday approved further action to establish the Sri Lanka Industrial Transformation and Innovation Authority, a new institution aimed at streamlining and strengthening industrial and entrepreneurship development services across the country.
Approval to create a single, more effective body by merging the Industrial Development Board (IDB), the National Entrepreneurship Development Authority (NEDA), and the Small Business Development Division under the Industry and Entrepreneurship Development Ministry was first granted at the Cabinet meeting held on 17 March 2025.
The move is intended to deliver industrial and enterprise development services in a more organised, coordinated and efficient manner.
Following this decision, the Ministry has initiated steps to establish the Sri Lanka Industrial Transformation and Innovation Authority with the objective of minimising duplication of work, enhancing institutional service delivery, and building a nationally integrated platform for industrial transformation, entrepreneurship promotion and export-oriented enterprise development.
“The initiative is being pursued under a three-phase framework covering conceptualisation, strategic planning and implementation,” Cabinet Spokesman and Minister Dr. Nalinda Jayatissa said at the weekly post-Cabinet meeting media briefing yesterday.
At present, action is being taken to secure the required technological assistance through the Asian Development Bank’s (ADB) policy-based loan program to support the proposed reforms.
The proposal to this effect was submitted by Industries and Entrepreneurship Development Minister Sunil Handunneththi.
