Government Slashes Costs Across Key Economic…

The government has approved wide-ranging regulatory reforms across key sectors in a bid to cut business costs, attract investment and boost economic growth. The package covers manufacturing, financial services, real estate and health and forms part of efforts to streamline regulations under the country’s Vision 2030 development agenda. He said the changes were aimed at reducing compliance costs, encouraging formalisation of of businesses and improving overall competitiveness.

Under the manufacturing reforms, government has reduced Ministry of Industry import licence fees from US$100 to US$50 for most goods. The National Social Security Authority (NSSA) boiler registration fee has been capped at US$500 while factory approval plan fees and local authority factory licence charges have been cut by 50 percent. In a significant policy shift, rural district council timber transportation permits have been abolished entirely. Officials say the measures are intended to reduce production costs and strengthen local industry competitiveness.