Sri Lanka’s government to allocate lands from regional industrial zones to 16 investors.
The government of Sri Lanka has decided to allocate state land from regional industrial zones for 16 investors to set up manufacturing plants. The decision was made following approval being granted by the country’s Cabinet of Ministers to a proposal submitted by Sri Lanka’s Industries Minister Dr. Ramesh Pathirana.
“Land from 16 industrial zones for 16 investors was selected under the Regional Industrial Zones Development Program,” Cabinet Co-Spokesman and Minister Bandula Gunawardena has told journalists at the post-Cabinet press briefing. Gunawardena has said that the state land will be given to the investors on 35-year leases.
“The awards were recommended by the project evaluation committee in operation under the Regional Industrial Services Committee that has been established as per the provisions of the Industries Promotion Act No. 46 of 1990 and the Ministry of Industries,” a statement on the weekly Cabinet decisions by the Government Information Department has stated.
OSL take:
Sri Lanka is in the process of wooing businesses/investors to the country through the promotion of incentives and opportunities. The country is also working towards becoming an emerging business destination in the South Asian region supported by the country’s geographical positioning in the Indian Ocean and the many trade agreements as well as trade concessions enjoyed by the country. It is in such a backdrop that the Sri Lankan authorities have decided to allocate lands in industrial zones in the country for foreign investors on long term leases. With Sri Lanka’s economy on a recovery path post pandemic and the ensuing crisis, the key economic sectors in the country have shown a growth momentum. Given the growth and business potential in the country, foreign businesses/investors could explore the expanding opportunities in Sri Lanka.
| Article Code : | VBS/AT/19102022/X_7 |