News
Prez: Cumbersome investment laws to be revised to make country attractive to investors
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.
News
PSTA worse than PTA: FSP
The Frontline Socialist Party (FSP) yesterday accused the government of seeking to use the proposed Protection of the State from Terrorism Act (PSTA) to suppress popular political activity, claiming that some of its provisions were more repressive than those of the Prevention of Terrorism Act (PTA).
FSP Education Secretary Pubudu Jayagoda told a media briefing, in Nugegoda, that the definition of terrorism in the Bill was so broad that it could be used to label almost any form of popular political activity as terrorism.
He said the Bill’s approach to defining terrorism was based largely on attempts to compel a government, or an international organisation, to do, or refrain from doing something, rather than on internationally recognised criteria, such as killings, causing serious bodily harm, kidnapping or acts intended to spread terror among the public.
Jayagoda also alleged that the Bill transferred substantial powers from the judiciary to the executive, while extending powers of arrest, investigation and detention to the armed forces, in addition to the police.
He claimed that the government had sought to portray the Bill as a replacement for the PTA while retaining or introducing provisions that could facilitate political victimisation and repression.
The FSP also questioned the government’s decision to proceed with the Bill, despite having previously sought public views on an earlier draft.
Jayagoda said a draft had been published earlier this year, with the period for public submissions ending on February 28, but the Bill subsequently gazetted was essentially the same draft with some provisions rearranged.
Jayagoda also referred to a letter reportedly sent by Attorney-at-Law Saliya Peiris, a member of a Committee, chaired by President’s Counsel Rienzie Arsecularatne, that had been appointed to draft the legislation. He said Peiris had stated, in the October 06 letter, that changes had been made to the draft prepared by the Committee.
“This means that even the Committee, appointed to prepare the Bill, was a deception,” Jayagoda alleged.
He said that the PSTA was fundamentally similar to the Anti-Terrorism Bill introduced by the previous government, in 2023, which the National People’s Power (NPP) opposed and challenged in court.
“If the NPP opposed that Bill then and is now bringing the same legislation before Parliament, the government must explain its position,” he said.
Jayagoda called on NPP MPs to oppose the PSTA in Parliament and urged trade unions and other groups to build a broad public movement against the legislation.
He challenged the government to an open debate on the Bill.
News
Shiranthi R remanded until 13 Oct.
Former First Lady Shiranthi Rajapaksa was yesterday remanded until 13 October after being produced before the Colombo Magistrate’s Court following her arrest by the Commission to Investigate Allegations of Bribery or Corruption (CIABOC).
Shiranthi, wife of former President Mahinda Rajapaksa, was arrested at her residence on Poorwarama Road, Kirulapone, after CIABOC officers recorded a statement from her for nearly two hours.
According to the CIABOC, the arrest was made over allegations that Rs. 10 million obtained from the National Savings Bank through the Siriliya Saviya organisation was misappropriated.
The money was allegedly obtained to provide a Computed Tomography (CT) scanner to the children’s hospital. Investigators allege that the scanner was not provided and that the funds were instead unlawfully used.
CIABOC is investigating alleged offences under the Public Property Act and corruption-related provisions in connection with the transaction and other financial activities involving Siriliya Saviya, which was headed by Rajapaksa.
Rajapaksa returned to Sri Lanka on Monday night on a flight from Malaysia after travelling overseas for medical treatment. She left for Singapore on 16 September after being admitted to a private hospital in Colombo on 15 September following an illness.
She had been due to appear before the Financial Crimes Investigation Division (FCID) on 13 October in connection with its investigation into the financial affairs of Siriliya Saviya.
Meanwhile, her lawyers filed an anticipatory bail application before the Maligakanda Magistrate’s Court on Monday, seeking an order preventing her arrest in connection with the FCID investigation.
News
Former NSB Chairman Kariyawasam granted bail
Former National Savings Bank (NSB) Chairman Pradeep Kariyawasam was yesterday granted bail by the Colombo Magistrate’s Court following his arrest by the Commission to Investigate Allegations of Bribery or Corruption (CIABOC).
Kariyawasam, husband of former Chief Justice Shirani Bandaranayake, was arrested in connection with the Bribery Commission’s investigation into the ‘Siriliya Saviya’ account linked to former First Lady Shiranthi Rajapaksa.
The investigation concerns financial activities involving the Siriliya Saviya initiative, which was headed by Rajapaksa, wife of former President Mahinda Rajapaksa.
CIABOC is continuing investigations into the alleged financial irregularities relating to the account.
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