Sri Lankan government to grant lands in industrial zones for fresh investment projects

Sri Lankan government to grant lands in industrial zones for fresh investment projects

Sri Lanka’s Cabinet of Ministers has reportedly granted approval for land allocations in nine industrial zones around the country for fresh investment projects.
Co-Cabinet Spokesperson, Minister Udaya Gammanpila has told the media that project evaluation committees and the regional industrial services committee of the country’s Industries Ministry had recommended these allocations.
Accordingly, 16 plots of land in nine industrial zones are to be assigned to investors. The nine industrial zones include Nalanda (Matale), Bataatha, Karandeniya, Udukawa, Embilipitiya, Kalutara, Batticaloa and Nawagampura.

The Cabinet of Ministers has reportedly approved the proposal presented by Sri Lanka’s Industries Minister Wimal Weerawansa to allocate the lands on a 35-year lease basis.

“These investments are expected to create more economic development in these areas and provide jobs,” the Minister has added.
The import restrictions imposed by the government of Sri Lanka has pushed local manufacturers to step up with about 140 new proposals, worth an estimated Rs. 48 billion, currently under evaluation by the Industries Ministry.
Industries Ministry Secretary Anusha Pelpita last month had reportedly stated that the multitude of new ventures had left officials scrambling for land, as all zones within the Western Province were mostly operating at capacity. The new ventures are likely to need approximately 395 acres of fresh land and will create 11,655 new jobs.
A new industrial zone has also been earmarked in Katana for 150 new ventures expected to create over 10,000 jobs and use up Rs. 30 billion in investment.

OSL take:

Sri Lanka’s positive economic activities have put the country on the path to returning to normalcy after facing the impact of the global Covid 19 lockdown. Sri Lanka is fast becoming a business hub in the South Asian region given its geographical positioning in the Indian Ocean and the many trade agreements as well as trade concessions enjoyed by the country. Sri Lankan authorities have taken many steps to improve the ease of doing business environment in the country and have also listed many incentives for foreign businesses/investors exploring opportunities in Sri Lanka.

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Article Code : VBS/AT/20210406/Z_8

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