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Sri Lanka to set up sunset Agency for Development’, Trade Agency

ECONOMYNEXT – Sri Lanka will set up a sunset ‘Agency for Development’ for three years, an international trade agency while the investment and tourism promotion offices will be reformed, Prime Minister Ranil Wickremesinghe said.

"The very best people from the state and private sector will be taken to the development agency," Wickramasinghe said.

"It will be closed after three years."

Sri Lanka will also completely revamp the Board of Investment and Tourist Board, he said.

They are not doing what is expected but we cannot close them. The

An International Trade Agency will be set up, with representation of the Foreign Ministry and Export Development Board, and the Department of Commerce, he said.

The responsibility of developing the international trade policy will be given to this agency, he said.

Sunset agencies are the best type of agency to under-take specific tasks. Other agencies become a burden on the people long after the original purpose they are set up for ceases to exist. Agencies like Sri Lanka’s Mahaweli Authority should have been sunset agencies to reduce the burden of the state on the poor. (Colombo/November05/2015)

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