🏛️ Govt. to Establish National Regulatory Reform Council Under President

The Cabinet of Ministers has approved the creation of a National Regulatory Reform Council, chaired by President Anura Kumara Dissanayake, to overhaul Sri Lanka’s business regulatory framework and boost the investment climate. • Key Objective: The council will serve as the central body to oversee and implement a newly formulated National Regulatory Reform Action Plan, aiming to improve the ease of doing business, reduce compliance costs, and encourage entrepreneurship. • Current Bottlenecks: A comprehensive review by the Industry and Entrepreneurship Development Ministry and the ADB revealed that existing regulatory constraints, licensing, and administrative inefficiencies heavily weigh on private sector growth, particularly affecting SMEs, and undermine Sri Lanka's attractiveness to foreign investors. • Implementation Framework: Formulated after stakeholder consultations, the action plan outlines practical recommendations prioritized across short-, medium-, and long-term timelines. The Industry and Entrepreneurship Development Ministry, led by Minister Sunil Handunneththi, will function as the council's Secretariat. • Economic Context: This initiative aligns with Sri Lanka's broader goals to accelerate economic recovery under an IMF-supported reform program and attract private investment following the recent financial crisis.