The Government plans to establish Provincial Economic Development Boards to decentralize economic authority across provinces, President Ranil Wickremesinghe said.
The Government is working to ease numerous legal regulations that have impacted businesses and is developing a new institutional framework to support entrepreneurs, the President’s Media Divisions said.
President Wickremesinghe made note of these developments during a meeting with representatives of the Kandy District Trade Association.
Commenting on the Government’s plans to decentralise the economy, the President said that he expects opportunities for significant progress by mid 2025.
“I plan to include businesses in new legislation and reduce many existing laws and regulations,” Wickremesinghe said, adding that the Government is working towards the new Economic Commission.
“Strengthening regional trade boards is essential as we decentralize the economy. I have also proposed the establishment of provincial development boards, a plan that has received support from other stakeholders,” the President said.
Plans have also been laid out to transform Kandy into a major economic hub, with implementation set to begin next year, the President said.
During the meeting, the Kandy business community representatives discussed their business challenges with the President and also presented their set of proposals.
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