Sri Lankan government to look at modern laws to attract foreign investments to the country
A senior official of Sri Lanka’s governing party has reportedly said the country needs modern laws to bring investments to the Colombo Port City.
National Organizer of the Sri Lanka Podujana Peramuna (SLPP) and former Economic Development Minister Basil Rajapaksa has said in an electronic media interview that several decades ago, when Sri Lanka started to draw foreign investments the law which now governs the Board of Investment (BOI) was enacted.
“That was to bring investments like garment factories,” Rajapaksa has said in an interview with a private electronic media interview.
“But advanced financial and commercial investments are planned. They need a different legal framework.”
Rajapaksa has further noted that the last administration had delayed the Port City project.
He has noted that the Port City land was now reclaimed, but it was up to the Sri Lankan government to help draw in investments.
According to Rajapaksa, investments were key to creating activity as well as jobs and investments worth about US$ 5 billion were required to push up activities.
OSL take:
The government of Sri Lanka is focused on increasing the inflow of foreign direct investments to the country. Contemplating the need to modernise the country’s laws to attract more foreign investments to Sri Lanka is a positive sign for foreign businesses/investors looking at doing business with the country. Sri Lanka’s geographical positioning in the Indian Ocean, the ease of doing business environment in the country and the many trade agreements as well as trade concessions enjoyed by the country have made it an attractive business destination in the South Asian region.
| Article Code : | VBS/AT/20191122/Z_7 |