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Economic development

Industrial Development Drive in Sri Lanka: Key Takeaways and Land Allocation Goals

Strategic Insights

— 1 min read

The Industrial Development Board (IDB), under the Ministry of Industries, is working to establish industrial zones in all Divisional Secretariats to stimulate industrial development in Sri Lanka. The IDB has gathered over 50% of the required information on land ownership from 335 divisional secretariats, with a focus on setting up a zone in Hambantota. The government aims to increase the land allocation for industrial development from 0.1% to 1% by next year, releasing state-owned lands and designating certain ritualised lands for investment.

Key Takeaways:

  • The IDB has collected over 50% of the necessary information on land ownership from 335 divisional secretariats.
  • A 5000-acre reserved area for industrial development in Hambantota will be utilized to set up an industrial zone.
  • The government plans to establish an industrial zone in each Divisional Secretariat, with a focus on attracting diaspora investments and offering lease-free periods.
  • The Ministry of Industry has identified 350 acres of land in Ingiriya for an industrial zone, with internal roads currently under construction.
  • A total of 152 proposals for investments have been received by the ministry for three blocks of land in Milleniya Raigampura Green Industrial Zone, with 24 industries already allocated lots.
  • The IDB Chairman, Ravi Nissanka, aims to have investors call for industrial land and vacant lots by next month.

Statistics:

  • 50% of information on land ownership has been gathered by the IDB from 335 divisional secretariats.
  • 5000 acres have been reserved for industrial development in Hambantota.
  • 350 acres of land have been identified in Ingiriya for an industrial zone.
  • 152 proposals for investments have been received by the ministry for three blocks of land in Milleniya Raigampura Green Industrial Zone.
  • 24 industries have been allocated lots in the Milleniya Raigampura Green Industrial Zone.
  • 0.1% of Sri Lanka's land is currently allocated for industrial development.
  • The government aims to increase this allocation to 1% by next year.

Sources:

  • The Sunday Times Business, Wednesday ( Chairman Ravi Nissanka quoted)
  • Ministry of Industry (official quoted)
  • Ministry of Industries, official document (land inventory and land classifications referenced)

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