Cabinet approves: Amalgamation of IDB, NEDA and SEDD

Sri Lanka’s Cabinet of Ministers have approved a resolution to draft a bill to amalgamate the Industrial Development Board (IDB), the National Enterprise Development Authority (NEDA), and the Small Enterprise Development Division (SEDD) into a single entity, by way of a draft bill to establish the ‘Sri Lanka Industrial Transformation and Innovation Authority’, a Cabinet decision released yesterday (23) announced.

“An Officials’ Committee appointed under the chairmanship of the Secretary to the Prime Minister to review non-commercial State-owned institutions has recommended the consolidation of the Industrial Development Board, the National Enterprise Development Authority, and the Small Enterprise Development Division into a single entity,” the decision said, listing the country’s foremost recognised government entities responsible for overseeing Small and Medium Enterprises.

“Based on the aforementioned recommendations, policy approval was granted at the Cabinet Meeting held on 29-12-2025 to establish the Sri Lanka Industrial Transformation and Innovation Authority. Accordingly, the Ministry of Industry and Entrepreneurship Development, in consultation with all relevant stakeholders and with technical assistance from the Asian Development Bank, has prepared a draft legal framework for this purpose.”

“Accordingly, the Cabinet of Ministers has approved the resolution furnished by the Minister of Industry and Entrepreneurship Development to instruct the Legal Draftsman to draft a Bill to establish the ‘Sri Lanka Industrial Transformation and Innovation Authority’ based on the said draft framework.”

Source - The Morning