Govt. aiming for Colombo financial centre to become business oasis, policy lab
Sri Lanka’s Deputy Policy Minister, Harsha de Silva says the government intends the financial centre in Colombo that is in the process of being planned, to be positioned as a leading global business hub where high-value jobs will be created and a policy lab formulated.
“The strategy is to create a top 10 doing business oasis in the world. What we are now trying to do is to look at the law, the regulations, the taxes, ease of doing business processes,” he said
The ‘hard infrastructure’ of the city is being built by CHEC Port City (Pvt) Ltd, which is reclaiming land from the sea, the Urban Development Authority of the Ministry of Megapolis and the government of Sri Lanka.De Silva is looking at the ‘soft infrastructure’ of the city.¹
“We are trying to create a major structural break from the rest of the country doing business investment climate and I want it to be a policy lab. And I want what works here to permeate to the rest of the country,” he stated.
Sri Lanka’s archaic laws and arbitrary state actions have damages the country’s reputation as a reliable investment destination. However, the present government has made vast improvement in turning this around, starting with restoring judicial independence over the last two years it has been in power.
Similarly, attempts are being made to reform the Central Bank of Sri Lanka with many of its oppressive exchange control regulations being abolished.
OSL TAKE:
With reforms being brought in to improve the country’s investment climate, investors will become more confident in considering Sri Lanka as a viable investment destination.
¹http://www.economynext.com/Sri_Lanka_s_Colombo_financial_centre_to_be_business_oasis,_policy_lab__Harsha-3-8841-1.html
| Article Code : | VBS/AT/06102017/Z_7 |