News
Cabinet nod for President’s proposal to make Parliament underwrite foreign investment agreements
By Rathindra Kuruwita
The Cabinet has approved a proposal by President Ranil Wickremesinghe to seek parliamentary approval for agreements on foreign investment, Cabinet spokesman Bandula Gunawardena told reporters yesterday.
A government could also withdraw from or change such a foreign project with parliamentary approval, Minister Gunawardena said, adding that in the past leaders had stopped foreign investment projects according to their whims and fancies and such ad hoc decisions had cost the country dear. “Foreign countries and investors need to have confidence in Sri Lanka if they are to invest in large projects in the country.”
The Cabinet Spokesman said more foreign investment was needed as the country could not carry out development activities with foreign loans alone.
Investment protection agreements were quite common in the world, he said.
“The President left for Japan after obtaining Cabinet approval for measures to protect foreign investment. Such assurances are needed if we are to attract foreign investment,” he said.
Four persons including a Budhist monk died and 32 others were injured when two SLTB buses collided head on at Weerawila at arond 12 noon today (18).
Three of the deceased were women. 22 of the injured were admitted to the Hambanthota Hospital while 10 others have been admitted to the Debarawewa hospital.
The Japan Maritime Self-Defence Force (JMSDF) ship OONAMI which arrived at the port of Colombo on a goodwill and replenishment visit on 09 Mar 26 departed on 11 March.
The departing ship was given a formal farewell from the Sri Lanka Navy, in keeping with naval traditions at the Port of Colombo.
The 150.5m long JMSDF OONAMI is commanded by Commander IIO Hiromasa.
During the stay in the island, crew members of the ship explored some tourist attractions in Colombo. The itinerary also included a coastal clean-up drive participated by naval personnel of both countries and engagements with the Sri Lanka Navy, designed to strengthen the bonds of friendship and cooperation.
The Central Cultural Fund established under the provisions of the Central Cultural Fund Act No. 57 of 1980 is responsible for development of cultural and religious monuments in Sri Lanka, settling the expenditure borne for development, renovation and conservation of local and foreign cultural monuments, awarding financial donations for artisans as well as awarding those who served the nation in the fields of culture and religious sectors.
The said act has been passed in Parliament 45 years back and, the requirement to revise the provisions of the act according to the contemporary requirements haa been recognized.
Accordingly, the Cabinet of Ministers granted their policy
approval to amend the said act, considering the resolution furnished by the Minister of Buddhasashana, Religious and Cultural Affairs.
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