Cabinet nod to expedite Industry Promotion Act amendment

Wednesday, 12 March 2025 05:51 - - {{hitsCtrl.values.hits}}

The Cabinet of Ministers on Monday approved granting policy consent for the expedited completion of amendments to the Industry Promotion Act.

The decision follows concerns that the existing provisions of the Industry Promotion Act No. 46 of 1990 are inadequate for formulating modern industry policies, particularly on the areas of technology, trade, skills and environmental considerations.

Recognising this need for an update, the Cabinet previously approved the amendment process on 8 March 2021.

Addressing the weekly, post-Cabinet meeting media briefing, Cabinet Spokesman and Minister Dr. Nalinda Jayatissa said the Legal Draftsman is currently working on revising the Act—adding that the drafting process required renewed policy approval from the incumbent Government to proceed seamlessly.