Sri Lanka embarks on new development strategy and matrix
The government, in another economic recovery milestone of Sri Lanka, is set to devise a 4-year master plan on a new development strategy and development matrix that will see the country revamp and rejuvenate nine key sectors, official sources said. These sectors are tourism, digital economy, mega-polis development, Kandy city development, public private partnership for job market training, power and energy, rural sector development, agriculture and investment promotion. The plan will also look at economic issues such as business development and environment protection, community needs and sustainability among others.
The Cabinet Committee on Economic Management has directed to appoint a secretaries committee to prepare a draft development strategy by next month. All development strategies are to be included in the master plan with amendments to existing legislations, the sources said. The government spending is to be shifted from infrastructure development towards more employment generation and putting more money to the rural economy with a view of attaining a higher standard of living among the rural poor. The master plan would outline as to how the government plans to achieve the targets of creating one million job opportunities, establishing a strong middle class,
expanding income avenues, rebuilding the rural economy, providing permanent houses to the people and restructuring the education system, etc, a senior official of the Ministry of National Policy and Economic Affairs said adding that a Chinese grant of Rs.11,150 million would be invested towards this end. The government will also introduce a new economic policy to enter into the world market with the aim of generating one million jobs, he added. Sri Lanka will sign the proposed Economic and Technology Corporation Agreement (ECTA) with India before the end of this year and Free Trade Agreements will be signed with China and Singapore. An economic agreement will be finalised with Japan and trade agreements would be signed with Turkey, Iran, Pakistan, Thailand, Korea and many other countries next year, he revealed.