More funds for research

Funds for the National Research Council were increased last year for research expenses of universities and other research institutions to promote interest among scientists, according to the Ministry of Finance 2013 Annual Report.

Budget 2014 granted tax relief to promote research and development in various sectors to boost productivity and quality. The Budget provided a 300 percent tax concession for agricultural research.

The Finance Ministry’s annual report states that the triple deductions for research expenditure and a lump sum depreciation for capital expenditure on equipment and development of laboratory facilities have been extended to the private sector since 2013 to encourage private sector involvement in research and innovation. Based on this initiative a public-private partnership was established to set up Sri Lanka’s first Nanotechnology and Science Park and Nanotechnology Research Centre at Homagama last year.

This facility promotes research and development to manufacture innovative products and add value to natural resources. The research initiatives undertaken by both sectors help achieve progress in the agriculture sector. The Wayamba University’s initiative in food technology and livestock research produced encouraging results, the Report said. LF