Sri Lanka to allocate lands worth Rs. 24 billion on lease to 22 investors under Regional Investment Zones

Sri Lanka to allocate lands worth Rs. 24 billion on lease to 22 investors under Regional Investment Zones

The government of Sri Lanka has reportedly decided to allocate lands worth over Rs. 24 billion in regional industrial zones for investment projects.
The Cabinet of Ministers has approved a proposal submitted by Sri Lanka’s Industries Ministry to allocate land plots from eight industrial zones on a 35-year lease basis to 22 investors under the Regional Investment Zones (RIZ) Development Programme implemented by the Ministry.
According to local media reports, the Cabinet has granted approval following recommendations by the project evaluation committee of the Ministries Regional Industrial Services Committees.
Cabinet Spokesperson Minister Keheliya Rambukwella has said the aim is to generate some 3,300 jobs which the new industries will bring.
“Investors are to invest Rs. 24,047.85 million and US$ 3 million in these projects, while it has been estimated that 3,326 direct employment opportunities will also be generated from these projects,” Rambukwella has added.

OSL take:

Through the aforementioned move, the government of Sri Lanka is looking at taking industries to all parts of the country. Sri Lanka’s economy is on the path to recovery after facing internal and external challenges due to the global Covid 19 pandemic. Given Sri Lanka’s geographical positioning in the Indian Ocean and the many trade agreements as well as trade concessions enjoyed by the country have made it a business hub in the South Asian region. All these activities have resulted in an increase in value of real estate in the country. Therefore foreign businesses/investors could explore opportunities in Sri Lanka and invest in the island and utilize its trading opportunities as well as other advantages to further expand the respective business.

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Article Code : VBS/AT/20210218/Z_1

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