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Budget 2021: Trade & Industry

The Budget 2021 Debate for the Ministry of Industries & Ministry of Trade is happening today (4th December 2020).

Here are all the budget proposals relating to this sector.

Extract from the Budget Speech 2021
Techno Parks

I propose to create a techno- entrepreneur-led economy to that will contribute to the increase of exports and foreign earnings from the technology field and broaden the knowledge and professional services to the national economy within the next 2 years. It is expected that the establishment of Technology centred investments and allied service industries, which transforms into high-income employment opportunities for our young men and women. As such, I propose to establish 5 fully-fledged plug and play Techno Parks in Galle, Kurunegala, Anuradhapura, Kandy and Batticaloa districts. I propose to allocate Rs.10,000 million to develop these Techno Parks as eco-friendly new cities connected to the expressway network and other infrastructure facilities.
HE the President has already taken the initiative to establish a new University catering to Port and Aviation Technology Engineering subjects by 2023 in Deniyaya in the Matara District.

Foreign Trade and National Economy

Development of untapped industries such as mineral sand, phosphate, fertilizer and graphite as export industries with high value. To develop the latent industries such as mineral sand, phosphate, fertilizer and graphite as high-value export industries, I propose to reduce the expenditure on research and development expenses of local entrepreneurs involved with the Institute of Nanotechnology from taxes. I propose to allocate Rs. 2,000 million to initiate the registration of the Sri Lanka identity of these products

Village Assistance

In a bid to support villages engaged in traditional industries to expand their production and to facilitate access to and attraction of markets for the special goods, Rs. 2,000 million will be allocated.

Foreign Economic Relations

In meeting the needs and expectations of the people, specially those of our citizens that is employed overseas and engages in commercial activities, it has been made necessary to restructure the Ministry of Foreign Relations and Diplomatic Missions abroad to go transcend its traditional diplomatic endeavours. One of the primary tasks in this regard is to bring the staff employed for tasks to be performed overseas by various institutions and Diplomatic Missions abroad under direct supervision and coordination of the head of the Missions.
Further, it is required to expand the contribution of the Diplomatic Missions for Economic Diplomacy in a way that optimises the opportunities for exports, tourism, foreign employment and investment in our country under the dynamic world economic conditions.
We consider it to be a prime responsibility of the Diplomatic Missions in their performance evaluations, to review the bilateral agreements entered into from time to time and to implement the friendly and non-aligned foreign policy of the government in a way that secures the national security and sovereignty with due consideration to contemporary trends and local economy. I propose to allocate Rs. 750 million to take necessary steps to overcome the barriers faced by our entrepreneurs in order to utilize market opportunities presented in the emerging Asia- Pacific region, Africa, the Middle-East and Western countries.

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