News
Chinese Ambassador outlines numerous benefits reaped by Sri Lanka from BRI
The Beijing’s Belt and Road Initiative projects in Sri Lanka have not only laid a solid foundation and provided strong impetus for Sri Lanka to get out of the economic crisis and resume economic and social development, but also created thousands of jobs for local people, Chinese Ambassador Qi Zhenhong said at a recent seminar on BRI cooperation between China and Sri Lanka, organized by the Asia Progress Forum.
“Sri Lanka is one of the first countries to participate in the BRI Initiative and has witnessed fruitful results of BRI cooperation over the past 10 years. The major projects between our two countries, such as the Katunayake Expressway, the Southern Expressway, the CICT, the Hambantota Port and the Colombo Port City, have not only laid a solid foundation and provided strong impetus for Sri Lanka to get out of the crisis and resume economic and social development, but also created thousands of jobs for local people. At the same time, Chinese enterprises have also actively fulfilled their social responsibilities by providing assistance to the poverty alleviation and donated a large amount of materials to help people overcome the economic and livelihood crisis,” he said.
Facts have shown that BRI is an effective platform to advance international cooperation, a road towards future development, peace and friendship that enables China, and countries around the world, to discuss development, to jointly build peace and prosperity, and to share in the development opportunities and outcomes, and a vivid example of building a community with a shared future for mankind, he said.
The Ambassador said BRI will only create win-win cooperation that benefits all instead of leading to the so-called “debt trap” trumped up by some parties with a hidden agenda to smear China. It will lend strong impetus to helping Sri Lanka get rid of the “poverty trap” and “trap of non-development”.
“The third Belt and Road Forum for International Cooperation will be held in Beijing next week. Leaders and representatives of over 90 countries including President Xi Jinping and President Ranil Wickremesinghe will gather in Beijing for this great event. We firmly believe that this forum will draw up a better blueprint for China, Sri Lanka, and the rest of the world, to promote high-quality Belt and Road cooperation in the future and provide an even better opportunity for China and Sri Lanka to further advance our cooperation.
News
Amendment of the Inland Revenue Act No. 24 of 2017
Approval of the Cabinet of Ministers has been granted at their meeting held on 19.05.2025 in order to introduce amendments to the Inland Revenue Act No. 24 of 2017 including the proposed tax revisions to enhance the tax structure paving way for state financial integrity based on revenue.
Accordingly, the revised draft bill has been prepared by the legal draftsman and clearance of the Attorney General has been received.
Therefore, the Cabinet of Ministers has granted approval for
the resolution furnished by the President in his capacity as the Minister of Finance, Policy Planning and Economic Development to publish the aforementioned draft bill in the government gazette notification and subsequently, forward the same to the Parliament for its concurrence.
News
Cabinet nod for “National Mineral Policy” – 2026
The National Mineral Policy was prepared for the first time in the year 1999, and the aforementioned policy has been amended in 2023 to cover matters such as preparing an updated data system related to mineral resources, adding value to the export of minerals, encouraging mineral-related industrialists, extracting mineral resources and managing the environment sustainably, and resolving the issues related to the ownership of the land arising in extracting mineral resources.
The revised National Mineral Policy has been reupdated in line with the manifesto “A Sustainable Resource Utilization – Generation of the Highest Benefit” under the policy statement of the current government” A Thriving Nation – A Beautiful Life.”
Accordingly, the Cabinet of Ministers has approved the resolution presented by the Minister of Industries and
Entrepreneurship to implement the so-formulated “National Mineral Policy—2026.”
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