News
Crisis-hit Lanka offers investment zones for private investors
ECONOMYNEXT –Economic crisis hit Sri Lanka is offering investment zones to private investors who can manage and bring more foreign investors, the island nation’s Investment Minister said, as the country is looking at all options to boost foreign inflows amid a debt restructuring plan.
Usually investment zones are handled by the state-run Board of Investment (BOI) and have not been given to any single private investors.
“If there is a private investor who can manage an investment zone, we can provide a zone so that they can manage,” Dilum Amunugama, State Minister of Investment Promotion told a media briefing on Thursday (19)
“We have taken a policy decision to bring in private operators.”
Sri Lanka defaulted its sovereign debts in April last year, but is now in the process of negotiating for debt restructuring with the external creditors.Analysts say to avoid repeated defaults, Sri Lanka needs more non-interest bearing inflows like Foreign Direct Investments (FDI), revenue from tourism, and more remittances from its expatriate workers.
President Ranil Wickremesinghe’s administration is already in the process of selling stakes in some state-owned enterprises to repay external debts.Amunugama said the BOI also has taken several steps to speed up investments and provide more options for investors.
That includes two year tax concessions from the time the business operation starts, a new investment law that will cut short the approval time for investments to seven days, and providing both BOI-developed and undeveloped lands to investors. Sri Lanka saw an FDI, excluding loans, of $898 million in 2022, compared to $592 million in the previous year, the central bank data showed. The Minister said the island nation saw $211 million FDI in the first quarter of this year.
Business
“ViYASA” National Business Facilitation Centre (NBFC) to be opened tomorrow (22)
The National Business Facilitation Centre (NBFC), which is being established under the Presidential Secretariat with the aim of removing administrative and regulatory barriers that exist among government institutions in relation to investment and industry and expediting these processes, will be opened tomorrow (22).
The centre is being established on the President’s initiative with the aim of bringing about a positive transformation in the industrial sector. The centre will provide solutions to issues that arise in dealing with the government machinery when starting and operating a business, while also coordinating with the relevant government institutions to provide the necessary facilities.
The “ViYASA” National Business Facilitation Centre (NBFC) has been established at Building C-80, Hector Kobbekaduwa Mawatha, Colombo 07, and is headed by Senior Additional( Secretary to the President, Seevali Arukgoda.
The centre will be opened under the patronage of Minister of Labour and Deputy Minister of Finance and Planning Dr Anil Jayantha Fernando and Minister of Industry and Entrepreneurship Development Sunil Handunnetti, with the participation of Secretary to the President Dr Nandika Sanath Kumanayake.
The website https://nbfc.presidentsoffice.gov.lk is also scheduled to be officially launched on the occasion.
President’s Media Division)
Latest News
Court of Appeal Judge M. Sri Mevan Anthony Edirimannasuriya Corea appointed as Acting President of the Court of Appeal
President Anura Kumara Dissanayake has appointed Court of Appeal Judge Mayadunna Sri Mevan Anthony Edirimannasuriya Corea as the Acting President of the Court of Appeal.
The appointment has been made as President’s Counsel Nalin Rohantha Abeysuriya, who currently serves as President of the Court of Appeal, will be overseas until the 24th.
Accordingly Judge Mayadunna Corea was sworn in as Acting President of the Court of Appeal before President Anura Kumara Dissanayake at the Presidential secretariat this morning (21).
Secretary to the President Dr Nandika Sanath Kumanayake was also present at the occasion.
(President’s Media Division)
Latest News
President instructs expediting further measures concerning Sivarasa Anojan, sentenced to death in Saudi Arabia
A discussion to review the further measures that could be taken regarding Sivarasa Anojan, a young Sri Lankan national who has been sentenced to death in Saudi Arabia, was held at the Presidential Secretariat this afternoon (21), under the patronage of President Anura Kumara Dissanayake.
The discussion focused on the measures taken to date concerning Sivaraasa Anojan and the further diplomatic and legal steps that could be pursued. Attention was also given to expediting the necessary further measures that could be taken to secure his release.
President Anura Kumara Dissanayake instructed officials to continue the necessary diplomatic engagement with the relevant authorities in Saudi Arabia and to maintain close and continuous involvement in all further measures concerning the case.
Reaffirming the Government’s continued attention to the safety and welfare of Sri Lankans living and working overseas, the President also stressed the need for the relevant ministries and institutions to work in close coordination and pursue all possible measures that could be taken in connection with the case.
Deputy Speaker Rizvie Salih, Deputy Minister of Religious and Cultural Affairs Muneer Mulaffer, Governor of the Western Province Hanif Yusoof, Secretary – Ministry of Foreign Affairs, Foreign Employment and Tourism Aruni Ranaraja, Secretary to the Ministry of Defence Air Vice Marshal Sampath Thuyacontha (Retd), Attorney General Parinda Ranasinghe and officials of the Ministry of Foreign Affairs, Foreign Employment and Tourism were also present at the discussion.
(President’s Media Division)
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