Sri Lankan government to focus on attracting foreign investments to power and energy sector
Sri Lanka’s President Gotabaya Rajapaksa has reportedly directed the country’s Power and Energy Ministry to look at attracting foreign investments to expedite delayed projects and follow proper procurement procedures.
The President’s Media Units has stated that a meeting between President Rajapaksa and senior officials of the country’s Ministry of Power and Energy and institutions under its purview was held at the Presidential Secretariat last Thursday.
Representatives from the state operated Ceylon Electricity Board (CEB) and Sri Lanka Sustainable Energy Authority had participated in this meeting, during which attention was drawn to providing swift solutions to the issues prevailing in these entities.
Also, the project pipeline in the power and energy sector had been discussed.
The President has reportedly pointed out the importance of properly conducting feasibility studies before the commencement of these projects.
“During the meeting, the proposals made in relation to the power and energy sector in the ‘Saubhagye Dekma’ policy statement were discussed and the ministry officials extended their fullest co-operation in this regard,” the statement by the President’s Media Unit has stated.
“President Rajapaksa also highlighted the importance of attracting investors for new projects through appraising foreign countries on the policies of the Sri Lankan Government in order to meet the increasing demand for electricity in the country, as well as following proper procurement procedures.”
It had been revealed during the meeting that although many memoranda of understanding (MOUs) were signed with foreign countries, many of the agreements were with private companies and not with states. The President has therefore noted the importance of conducting a proper study when implementing these agreements to ensure there would be no adverse impact to the country.
OSL take:
The focus of the government of Sri Lanka on attracting foreign investments to the country’s power and energy sector has resulted in the consideration of incentives for such investors. Foreign businesses could therefore explore business/investment opportunities in Sri Lanka’s power and energy sector. Sri Lanka is currently facing an imminent power crisis due to the increase in demand. The country’s power and energy sector would therefore provide a lucrative business/investment opportunity to foreign businesses/investors.
| Article Code : | VBS/AT/17122019/Z_5 |