The Cabinet approval has been received to formulate a national policy for industrial development by addressing the current constraints which hinder the growth of local industries.
The Cabinet of Ministers on Tuesday approved a memorandum presented by the Industry and Commerce, Resettlement of Protracted Displaced Persons, Co-operative Development, Vocational Training and Skills Development Minister Rishad Bathiudeen to formulate the required national policy for local industries, which has been identified as crucial for growth and sustainability of local industries.
The Cabinet office stated that the contradictory policies, technology constraints, low level of infrastructure, shortage in human resources, high energy costs and deficiencies in legal framework have been identified as key constraints for the development of local industries.
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