Deputy Minister discusses challenges hindering Sri Lankan industries’ growth with WB officials

Deputy Minister of Industries and Entrepreneurship Development Chathuranga Abeysinghe has met with the World Bank’s Country Manager, Gevorg Sargsyan, and discussed several structural challenges that have hindered the growth of Sri Lankan industries over the past four decades.

He said these include the absence of a national integrated industrial plan, limited access to capital for industrialists, weak institutional support for industrial growth, a lack of anti-dumping policies to protect local industries and the shortage of a skilled workforce essential for sustainable development.

Furthermore, the discussion has also addressed contemporary issues, including the adverse impacts of recent tax policy changes and the challenges arising from non-performing debts. 

In addition, the deputy minister said they outlined their strategic vision for industrial development, short-term goals, and the specific forms of assistance that are required to achieve these objectives.

“The World Bank delegates shared insights into their ongoing programs and areas where they could support our initiatives. Notably, they emphasized their focus on the Business Ready Index, technical assistance for research, and State-Owned Enterprise (SOE) restructuring.” 

“Beyond their pledged funding for agricultural transformation, they offered insights on how their expertise could align with our broader objectives,” Deputy Minister of Industries and Entrepreneurship Development Chathuranga Abeysinghe posted on X (formerly Twitter).

The World Bank delegation included Mr. Gregory Smith (Lead Economist), Mr. Victor Anthonypillai (Senior Country Officer, IFC), and Ms. Amila Dahanayake (Economist). My team comprised Mr. Yasas Hewage (Personal Secretary) and Ms. Melani Augustine (Coordinating Secretary).