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Prez: Cumbersome investment laws to be revised to make country attractive to investors

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Laws introduced under the Greater Colombo Economic Commission (GCEC) would be revised to replace the existing laws to encourage foreign investment, President Ranil Wickremesinghe said on Thursday at the Mireka Tower Opening Ceremony, at Havelock City.The President said that he had already appointed a committee to bring the Board of Investment (BOI), the Export Development Board (EDB) and the Sri Lanka Export Credit Insurance Corporation (SLECIC) together and establish one investment promotion agency to encourage foreign investment.Sri Lanka needed to be made an investor-friendly country to attract investments, to get out of the vicious cycle of foreign borrowing.

“We must become an export-oriented economy, and we have to keep increasing our foreign investments. Now, if we are to keep attracting foreign investments, we must have an outward-looking economy. So, now as the economic stabilization is taking place, and the discussions are on among Japan, China and India, about the main creditors, on how to restructure the debt, we are also looking at how we can now revive growth,” he said.One of the biggest issues the country has is the number of government agencies that investors have to pass through.

“You go through BOI, Tourist Board, or some other ministry, then you go to Port City and then you come back to where you started. Then you do a second round. After about ten years, you can get the investment through. This just won’t work. When we came in 1977, we started the Greater Colombo Economic Commission (GCEC). There, the decisions were taken quickly and really in ten years, we got four zones going that is Katunayake, Biyagama, Koggala and Seethawaka. Then there was Pallekele which President Wijethunga wanted. Thereafter, what are the big investment zones that we have started?” he asked. Wickremesinghe said he appointed a committee which is now looking at streamlining investment authorization.

“What this committee is recommending and working on is that the BOI the EDB and Sri Lanka Export Credit Insurance Corporation (SLECIC) are brought together as one investment promotion agency. Secondly, the industrial estates and investment zones will be broken off. I think Katunayake and Biyagama are the best zones in South Asia. We are now looking at thousand-acre zones and initiating them from Bingiriya, then Hambantota and Trincomalee. A separate corporation will handle these,” he said.The President said that a number of professionals are leaving the country. It is impossible for the government to stop that.

“We must train more people. We are modernizing the education system. So that’s what we are working on while we are looking at stabilization measures which we are working on with the IMF. Another area of interest is going to be modernized agriculture. There’s so much land available. I thought I’d share with you what we are now working on because by the end of the year will be able to announce many of the measures that will be implemented by early next year to get the legislation enacted,” he said.



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New landslide alerts as Ditwah aftermath worsens

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Death toll hits 627, over 2.17 mn affected across 25 districts

The Disaster Management Centre (DMC) has issued fresh landslide warnings as relentless heavy rains continue to pound regions still reeling from Cyclone Ditwah.

The Department of Meteorology has cautioned that thunderstorms accompanied by heavy rainfall are likely across parts of the Western and Sabaragamuwa provinces, as well as Galle and Matara districts. Rainfall is expected to intensify further on the 9th, 10th, and 11th of this month.

Authorities urged the public to stay indoors in safe buildings or vehicles and avoid open areas such as coconut and tea plantations, playgrounds, and reservoirs, during adverse weather events. The public has also been advised against using fixed-line phones, electrical appliances, and open vehicles like bicycles, tractors, and boats due to the risk of lightning strikes and strong winds.

With the northeast monsoon gradually intensifying, occasional rains are also expected in the Northern, North Central, Eastern, and Uva provinces, with some areas of the Batticaloa district expected to receive up to 75 mm of rainfall. Misty conditions may affect parts of the Western, Sabaragamuwa, Central, and Uva provinces during early mornings.

The DMC has said the floods and landslides, triggered by Cyclone Ditwah, have so far claimed 627 lives, with 190 people still missing. More than 2.17 million people, across 25 districts, have been affected, including 611,530 families. A total of 4,517 houses have been destroyed, and 76,066 partially damaged, leaving over 80,500 homes affected, nationwide.

Kandy is the hardest hit District, recording 232 deaths, 81 missing persons, 1,800 fully destroyed houses, and over 13,000 partially damaged homes. Puttalam and Kurunegala reported 573 and 480 fully destroyed houses, respectively, while Kegalle, Ratnapura, Badulla, and Gampaha also suffered extensive property losses.

Authorities have set up 956 safety centres across the country, currently sheltering 27,663 families, totaling 89,857 people. Relief and rehabilitation efforts are ongoing, with priority given to food, water, and medical aid. Officials warned residents in landslide-prone areas to remain in shelters until conditions stabilise.

by Chaminda Silva

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Over 35,000 drug offenders nabbed in 36 days

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In a massive nationwide crackdown under the Ratama Ekata (A Nation United) Drug Prevention Programme, police have taken 35,855 drug traffickers and users into custody across the country in just 36 days, according to Deputy Inspector General of Police Ashoka Dharmasena.

During the operation, authorities had seized 268 kilos of heroin and 994 kilos of ‘Ice’ (crystal methamphetamine), Dharmasena added.

He also highlighted that since January 2025, the ongoing campaign had resulted in the confiscation of 1,754 kilos of heroin, 3,535 kilos of ‘Ice,’ and 15,975 kilos of cannabis, marking a significant blow to drug networks operating nationwide.

The Police Narcotics Bureau Chief said that the drive was part of an ongoing effort to curb drug abuse and trafficking across the country, sending a strong message to offenders that law enforcement would leave no stone unturned in tackling the menace.

by Norman Palihawadane and Hemantha Randunu

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Rising water level in Malwathu Oya triggers alert in Thanthirimale

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The Hydrology and Disaster Management Directorate yesterday issued a cautionary alert as the water level in the Malwathu Oya continued to rise steadily, increasing the possibility of localised flooding in vulnerable settlements downstream.

As of 3.30 p.m. yesterday, the river gauge at Thanthirimale reported a water level of 6.48 metres, surpassing the official alert threshold of 5.00 metres and edging closer to the minor flood level of 6.80 metres. Officials classified the situation as “Alert – Rising”, prompting heightened field surveillance.

“We are monitoring the trend closely because the gauge shows a continuous rise. Even moderate rainfall upstream could elevate the risk of inundation across low-lying agricultural communities,” said a senior hydrology officer attached to the monitoring team.

Director (Hydrology and Disaster Management) Eng. L. S. Sooriyabandara, reviewing the bulletin, said the Department was alerting regional disaster coordinators to ensure preparedness measures were in place.

“Our teams are following this closely. Residents living adjacent to low-elevation areas of Malwathu Oya should stay updated on advisories issued over the next 24 hours,” he said.

The situation across other major river systems remained stable. Readings in Kelani, Kalu, Nilwala, Gin, Kirindi and Mahaweli rivers indicated no immediate threat. For instance, the Kelani Ganga at Nagalagam Street recorded 2.80 ft—well below its alert level of 4 ft—while Ratnapura on the Kalu Ganga continued at a safe 2.04 m against its alert threshold of 5.20 m.

Checking Officer W.A.S. Saumya (H.D.S.-Act) said that the forecast remains favourable, with many basin stations recording minimal rainfall during the six-hour interval up to 3.00 p.m. “Although the overall rainfall patterns appear low, it is critical not to be complacent given upstream variability,” Saumya said.

The latest river assessment bulletin was prepared by Duty Hydrology Analyst K.K.C.U. Dilshan, who confirmed that monitoring will continue overnight.

Authorities urged farming communities, school transport operators and residents living close to the floodplain of Malwathu Oya to remain cautious, refrain from night-time river crossings and heed updates issued through local administrative units and disaster offices.

By Ifham Nizam

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