Sri Lanka to allocate lands from 10 regional industrial parks for 24 new ventures
Sri Lanka has decided to allocate plots of land for 24 new industries as the country’s Cabinet of Ministers has approved a proposal presented by Sri Lanka’s Industries Minister on the allocation of land from 10 regional industrial parks.
The Regional Industries Development Programme is a key initiative implemented with the objective of promoting industries at regional level.
Sri Lanka’s Co-Cabinet Spokesman and Mass Media Minister Dullas Alahapperuma has told the media that the project would not only attract investments but would also generate employment at a regional level.
“We have often heard that people from the villages come to urban cities in search of employment, but through this initiative, the Government hopes to create employment within regional communities,” the Minister has said.
The Ministerial Project Evaluation Committee appointed by Sri Lanka’s Industries Ministry Secretary has recommended these 24 new proposals following evaluation and feasibility studies.
Selection of investors for the projects is to be conducted by the Regional Industries Services Committee and the Ministerial Project Evaluation Committee.
These plots of land will be allocated on the basis of long-term lease for 35 years to the relevant investors/entrepreneurs, subject to the said recommendations.
OSL take:
Sri Lanka is currently engaged in an aggressive development programme covering all key economic sectors in the country. Sri Lanka’s economy has shown great resilience to external and internal challenges posed by the global Covid 19 pandemic with several key economic sectors showing a growth momentum. The island’s geographical positioning in the Indian Ocean and the many trade agreements as well as concessions enjoyed by the country have helped Sri Lanka pose as an emerging business destination in the South Asian region. All these have resulted in an expansion in business/investment opportunities in all key economic sectors in Sri Lanka. Foreign businesses/investors could therefore confidently explore the growing opportunities in Sri Lanka.
| Article Code : | VBS/AT/07102021/Z_6 |