Sri Lanka to introduce new legislation to assist resurgence of economy in the country’s south
Sri Lankan authorities are looking at introducing new legislation to set up the Ruhunu Economic Development Corporation (REDC), which is aimed at assisting the development activities in the Southern region, especially its economic resurgence.
The proposed piece of legislation has been drafted by the Legal Draftsman and will be presented in Parliament soon for the establishment of export oriented special economic zones attracting foreign investors and creating employment for youth in the South, the local media has reported.
Reports further state that it has been prepared on the lines of the Greater Colombo Economic Commission (GCEC) law and all necessary powers will be vested in the autonomous Ruhnu Economic Corporation to be set up shortly.
Accordingly, the Southern Province has been earmarked to establish an investment zone to compete with those in the Western Province.
Export Processing Zones are expected to be established in Galle and Matara with several large tourism zones of about 500 acres also to be set up by the Government, the local media has further stated.
The Hambantota investment zone is to connect the airport and harbour to create a self-sufficient investment zone with an LNG power plant and other facilities and tea smallholders are to be given assistance under this programme.
A senior official of the Southern Development Ministry has been quoted as saying that several of these programmes have already commenced.
The REDC will bring unprecedented development in the Moneragala area as well within the next few years, the official has further stated to the local media.
Sri Lanka’s Ports and Shipping and Southern Development Ministry is to be obtain the services of a local or international consultancy agency in transaction advisory services for large scale projects in the Southern Province.
OSL take:
Sri Lanka’s Southern Province is fast becoming an economically active area in the country due to its connectivity to key markets through a highway and Road network coupled by an airport and two ports – Galle and Hambantota. The industrial zone set next to the Hambantota Port provides an excellent business/investment opportunity while the emerging economy of the Southern Province has opened up many opportunities covering all key economic sectors. Also, foreign consultancy companies could explore business opportunities in providing expertise to the government of Sri Lanka carry out it’s aggressive development programme.
| Article Code : | VBS/AT/13082019/Z_2 |