The regulatory environment in Sri Lanka plays a decisive role in shaping the growth of the private sector, influencing investment decisions, and improving overall business competitiveness.
Although the fundamental elements of the country’s economy remain strong, it has been observed that the existing regulatory constraints disproportionately affect small and medium-sized enterprises and also adversely impact the attractiveness of Sri Lanka as an investment destination.
Taking those matters into consideration, the Ministry of Industry and Entrepreneurship Development, with the assistance of the Asian Development Bank, has carried out a comprehensive assessment of the regulatory framework in
Sri Lanka, and following extensive discussions held with the relevant stakeholders, the National Regulatory Reform Action Plan and its operational mechanism have been formulated.
The aforementioned Action Plan has presented a number of practical and actionable recommendations, and such recommendations have been prioritized and sequenced across short-term, medium-term, and long-term timeframes. Further, it has been proposed to establish a National Regulatory Reform Council as the central institutional mechanism for the implementation, direction, and supervision of the aforementioned Action Plan.
Accordingly, the Cabinet of Ministers has approved the resolution furnished by the Minister of Industry and Entrepreneurship Development to establish the aforementioned Council under the chairmanship of the President and to designate his Ministry as its Secretariat of that council.
from The Island https://ift.tt/AkaIVhi
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