New push for economic development policy decisions

Wednesday, 23 April 2025 00:00 - - {{hitsCtrl.values.hits}}

Cabinet Spokesman and Minister Dr. Nalinda Jayatissa

Special Committee to oversee key Ministers, whose portfolios influence economic strategy and investments—including Foreign Affairs, Foreign Employment and Tourism Minister Vijitha Herath and Transport, Highways, Ports and Civil Aviation Minister Bimal Rathnayake

By Charumini de Silva

The Cabinet of Ministers at their meeting on Monday approved the establishment of a Special Committee on Economic Development to oversee and guide policy decisions in line with national performance objectives and growth targets.

Speaking at the weekly post-Cabinet meeting media briefing yesterday, Cabinet Spokesman and Minister Dr. Nalinda Jayatissa said the new Committee will be tasked with coordinating and supervising policy initiatives that contribute to achieving over 5% GDP growth in the medium term.

He said the Special Committee will bring together key Ministers, whose portfolios influence economic strategy and investments—including Foreign Affairs, Foreign Employment and Tourism Minister Vijitha Herath and Transport, Highways, Ports and Civil Aviation Minister Bimal Rathnayake.

Dr. Jayatissa said the Government’s economic focus is centred on investment-friendly policy planning, infrastructure development and export diversification, as part of broader strategy to build sustainable development and economic stability.

Acknowledging that the State investments have hovered around 4-5% of GDP, the Cabinet Spokesman noted that private sector investment remains critically low—a trend that has persisted over previous decades.

“Recognising this, the Government now considers stimulating private sector participation essential to achieving its growth targets and unlocking broader economic potential,” he added.

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