Srilanka, Feb. 11 -- The government is set to establish a national level initiative 'very soon' to replace the existing inefficient land allocation mechanisms, which have been identified as a key impediment to industrial development and export growth.

Due to land fragmentation, underutilisation and a complex regulatory framework, industries have been struggling to secure the necessary land for new initiatives as well as expansions.

"Even now, certain things are becoming clearer in the sector we want to focus on. We have set a very ambitious target of about US $ 46 billion in exports within five years and we believe that together, we can achieve it. One of the biggest challenges for industries, land allocation, will be resolved very soo...