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Changing Environment For Local Business In Sri Lanka; Government Initiates The Revolution


Local industries and businesses are the backbone of the economy of any country. Additionally, Sri Lankan Government defines a local company as one with a minimum ownership of 51% of a Sri Lankan.

To help these companies grow, the Sri Lankan Finance Ministry has proclaimed a circular enlisting the priorities to the local companies. Moreover, this move from the government may bring some salient alterations in the condition of the local manufacturers.



The government has also come with up steps that will augment the local industries across the different domains. These domains include IT sector, construction, etc.

The circular, as issued by the government includes relevant documentation regarding sourcing of resources and products.



Additionally, sources point towards the fact that the government is hoping to extend support to the domestic sector and help them grow. Besides, the major focus is on the three sectors- IT software and hardware, construction and furniture and allied products.

Positive Response From Business Experts And Analysts

According to this circular, only start-ups registered with Information Communication Technology Agency can bid for obtaining the software products. Moreover, in this situation, the cost of bidding must not exceed Rs. 2 lakh. Besides, these start-ups should be registered for more than 6 months. And the case should not be less than 5 years.
Likewise, the circular so issued by the government consists of various other significant notices that will assist in making a better business environment for the locals in the country.

Various business experts and analysts have welcomed this notice from the Sri Lankan government. Besides, they also believe that this might just prove to be a game changer for the local industries.

Additionally, this move from the government is also expected to help the start-ups in the country to grow. Consequently, these implementations will also enable to create a start-up friendly environment during this difficult time in Sri Lanka.

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