Cabinet approves amendment of Industry Promotion Act

Cabinet of Ministers has decided to grant the policy consent for the expeditious completion of the function of preparation of the draft bill to amend the Industry Promotion Act, Cabinet Spokesman Minister Dr. Nalinda Jayatissa said.

He said that it has been noted that the provisions of the Industry Promotion Act No. 46 of 1990 existing at present are not sufficient to compile industry policies that enable fulfilling the contemporary requirements in the fields of technical, trade, skills, and environment in the industry sector. 

Therefore, approval has been granted to amend the said Act at the cabinet meeting held on March 08, 2021. 

At present, the legal draftsman is in the process of amending the said Act, and the legal draftsman has shown the necessity of obtaining the policy consent of the present Cabinet of Ministers for the function of amending the Act, the spokesman said

Accordingly, taking into consideration the proposal presented by the Minister of Industry and Entrepreneurship Development, the Cabinet of Ministers has decided to grant the policy consent for the expeditious completion of the function of preparation of the said draft, he added.