The initiative comes amid growing recognition that regulatory constraints can significantly influence investment decisions and overall business performance. Authorities have noted that existing regulatory inefficiencies disproportionately affect small and medium-sized enterprises (SMEs), while also reducing Sri Lanka’s attractiveness as an investment destination.
To address these challenges, the Ministry of Industry and Entrepreneurship Development (Ministry of Industry and Entrepreneurship Development), with technical support from the Asian Development Bank (Asian Development Bank), has conducted a comprehensive review of Sri Lanka’s regulatory framework.
Following extensive consultations with stakeholders, the ministry has developed a National Regulatory Reform Action Plan, which outlines a set of prioritised and actionable recommendations. The plan is structured to be implemented over short-, medium-, and long-term timeframes.
As part of the reform process, it has been proposed to establish a National Regulatory Reform Council as the central institutional mechanism responsible for implementation, coordination, steering, and monitoring of the Action Plan.
The Council will be chaired by the President, while the Ministry of Industry and Entrepreneurship Development will serve as its secretariat.
The proposal submitted by the Minister of Industry and Entrepreneurship Development was approved by the Cabinet, paving the way for the formal establishment of the new reform body.
