Sri Lanka appoints ministerial committee to promote investments for exports

Sri Lanka appoints ministerial committee to promote investments for exports

Sri Lanka’s President Gotabaya Rajapaksa has reportedly appointed a high-powered ministerial committee to promote investments for import substitution and exports with himself at the helm.

A total of 15 Cabinet Ministers, including Sri Lanka’s Prime Minister Mahinda Rajapaksa, and six State Ministers, have been included to assist the Sub-Committee on Investment Promotion led by President Rajapaksa.

“The Government has prioritised the expansion of local and foreign investment facilities for an export and import substitution manufacturing economy that will benefit all parties, while eradicating poverty through the National Development Program in the policy framework Vistas of Prosperity and Splendour,” Sri Lanka’s Cabinet Spokesperson, Minister Keheliya Rambukwella has been quoted as saying in the Daily FT.
The Cabinet of Ministers has approved the proposal made by the President to appoint the Sub-Committee on investment promotion. 
The other Ministers in the Sub Committee are Fisheries Minister Douglas Devananda, Transport Minister Gamini Lokuge, Trade  Minister Bandula Gunawardana, Power Minister Dullas Alahapperuma, Highways  Minister Johnston Fernando,  Industries Minister Wimal Weerawansa, Environment Minister Mahinda Amaraweera, Lands Minister S.M. Chandrasena, Water Supply Minister Vasudeva Nanayakkara, Energy Minister Udaya Prabath Gammanpila, Plantation Minister Ramesh Pathirana, Tourism  Minister Prasanna Ranatunga, Ports and Shipping Minister Rohitha Abeygunawardana, and Justice Minister Ali Sabry.
The Cabinet has also granted approval to get the assistance of six State Ministers to assist the activities of the Sub-Committee. They are; Solar, Wind, Grid Power Generation Projects Development State Minister Duminda Dissanayake; Warehouse Facilities, Container Yards, Port Supply Facilities and Boats and Shipping industry Development State Minister Jayantha Samaraweera; Vehicle Regulation, Bus Transport Services and Train Compartments and Motor Car Industry State Minister Dilum Amunugama; Aviation and Export Zones Development State Minister D.V. Chanaka; Urban Development, Coast Conservation, Waste Disposal and Community Cleanliness State Minister Dr. Nalaka Godahewa; and Money and Capital Market and State Enterprise Reforms State Minister Ajith Nivard Cabraal.
Meanwhile, the Daily FT has also reported that the Cabinet also approved a proposal by Industries Minister Wimal Weerawansa to allocate plots of lands from regional industrial zones for the establishment of industries. 
Accordingly, the land will be allocated as part of the ‘Regional Industrial Zones Development Program’ which has been used with the objective of promoting the industries at regional level.
Cabinet approval was granted to allocate lands on tenancy from the industrial zones of Ratmalana, Kalutara, Millewa, Nalanda, Ulapone, Makandura, Uva Paranagama and Batticaloa for nine investors for 35 years for the inauguration of industries subject to the recommendations submitted by the relevant regional industrial services committees.

OSL take:

Sri Lanka’s exports sector has shown a steady growth despite setbacks faced due to the impact of the global Covid 19 pandemic. Therefore, Sri Lanka’s exports sector is a lucrative industry for foreign investments. Foreign businesses/investors could therefore explore business opportunities in Sri Lanka’s exports sector. Afterall, Sri Lanka’s geographical positioning in the Indian Ocean, ease of doing business environment 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. 

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Article Code : VBS/AT/20200915/Z_4

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