Press briefing of Cabinet Decision taken on 2017-07-11

Roadmap for export competitiveness of Sri Lanka through innovation & entrepreneurship

- Although, the recent economic performance of Sri Lanka has been encourging, the transmission to upper middle-income status requires the enterprise sector to improve its productivity significantly through the adoption of technology entering into a global value chains and new markets, creating better job opportunities and contributing to overall economic growth of the country. Accordingly, in order to identify the challenges affecting the enhanced competitiveness of Sri Lanka, a comprehensive report has been complied with the participation of relevant stakeholders identifying the specific reforms needed in laws, regulations and institutional arrangements to be done. Accordingly, the joint proposal made by Hon. Malik Samarawickrema, the Minister of Development Strategies; Hon. Susil Premajayantha, the Minister of Science, Technology and Research; and Hon. Rishad Bathiudeen, the Minister of Industry and Commerce for the creation of a national innovation and entrepreneurship community, a targeted procedure / a plan proposed for the enhancement of the export competitiveness of Sri Lanka, to appoint three working groups and to establish a Secretariat for Innovation and entrepreneurship under the Ministry of Development Strategies and International Trade, to conduct the operational activities of the overall procedure, was approved by the Cabinet.