Sri Lankan government to set up ‘one stop shop’ for investment promotion in Southern Province
The Cabinet of Ministers in Sri Lanka has reportedly approved a proposal by Sri Lanka’s Minister of Industries Wimal Weerawansa to set up a smart “One Stop Shop’ to attract foreign and local investments to the country’s Southern Province including the special zones associated with the Hambantota Port.
The move will be within the provisions of the Industrial Promotion Act No. 46 of 1991 which provide for the establishment of industrial zones/science parks and the provision of facilities thereon, the Daily FT has reported.
According to reports, the government has taken measures to establish several industrial zones in the Southern Province in connection with the recent infrastructure development.
The Cabinet of Ministers has reportedly approved the proposal to set up a ‘Smart One Stop Shop’ comprising representatives of all relevant institutions to enable local and foreign investors interested in investing in these industrial zones to obtain the necessary approvals and facilities in once place and to monitor the activities of that office by the Southern Provincial Regional Industrial Centre under the direct supervision of the Ministry of Industries.
OSL take:
Sri Lankan authorities are focussed on attracting foreign direct investments (FDIs) to the country and President Gotabaya Rajapaksa has also maintained that the country should focus on getting investments rather than foreign loans for development work. Local authorities have therefore set up new mechanisms and one stop shops to assist and enable foreign businesses/investors find opportunities in the country. 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 this has created an expansion in the business/investment opportunities in Sri Lanka.
| Article Code : | VBS/AT/20210112/Z_3 |