News
Govt. expects US$ 2.5 bn FDIs in 2021
By Sanath Nanayakkare
The government was confident that it could attract foreign direct investments (FDIs) worth US$ 2.5 billion next year, State Minister of Money and Capital Market and State Enterprise Reforms Ajith Nivard Cabraal said yesterday.
He said so while speaking at a virtual forum held to mark the 4th annual investment conference of Asia Securities.
“This is a reasonable and realistic FDI value Sri Lanka targets for next year having created the right investment environment. The Port City is set to bring in US$ 1 billion, the Hambantota Tyre facility US$ 300 million – 75% of it will come next year – the Pharmaceutical Zone will bring in US$ 200 million and some more investments will come into the education sector, among others.
“Well maintained favourable interest rates, stable exchange rate and a stream of investment projects in the pipeline are interconnected to enable growth. The investors will be excited to invest in Sri Lanka as they will feel much more comfortable when they see our stable, predictable set of macro conditions. The government’s prime objective is to help businesses create wealth and then through proper policies the government will ensure fair and equitable distribution of wealth to the people in all income brackets to create inclusive prosperity.”
Approval of the Cabinet of Ministers has been granted to amend the Companies Act No. 07 of 2007 for remedying the shortcomings related to the transparency according to the international standards for prevention of money laundering, financing terrorism and other illegal activities.
Accordingly, the draft bill prepared by the Legal Draftsman has been revised as per instructions provided by the Attorney General subject to the special decision of the Supreme Court No. SC/SD/92/2024 and clearance of the Attorney General has been granted for the final draft bill prepared by the Legal Draftsman.
The Cabinet of Ministers granted approval to the resolution furnished by the Minister of Trade, Commerce, Food Safety and Cooperative Development to publish the aforementioned draft bill in the government gazette notification and subsequently submit to the Parliament for its concurrence.
Latest News
Cabinet approves submission of the orders imposed under the Regularization of Fertilizer Act No. 68 of 1988 for the concurrence of the Parliament.
The charges to be paid when obtaining a license for import of fertilizer, manufacturing or processing under the Regularization of Fertilizer Act No. 68 of 1988 has been declared by the orders published in the extraordinary gazette No. 1683/5 dated 06.12.2010.
Approval of the Cabinet of Ministers has been granted at the meeting of the Cabinet of Ministers held on 05.02.2024 in order to timely amend the declared charges by the said orders. Accordingly, the orders formulated by the Legal Draftsman has been published in the extraordinary gazette notification No. 2398/13 dated 20.08.2024.
Therefore, the Cabinet of Ministers granted approval to the resolution furnished by the Minister of Agriculture, Livestock, Lands and Irrigation to submit those order for the concurrence of the Parliament as per the provisions of the Regularization of Fertilizer Act No. 68 of 1988.
Due to the considerable time spent on following the provisions of the Land Acquisition Act No. 09 of 1950, approval has been granted at the cabinet meeting held on 11-01-2021 to amend the said Land Acquisition Act appropriate to the current requirement so that the time taken for the process of acquisition of lands can be minimized, lands can be acquired under a simple procedure, and the compensation can be paid under a unified procedure. The initial draft has been prepared for that purpose, and the legal draftsman has informed that the policy approval of the Cabinet of Ministers should be taken for the completion of the activities of the preparation of the draft.
Accordingly, taking into consideration the proposal presented by the Minister of Agriculture, Livestock, Land, and Irrigation, the Cabinet of Ministers has decided to instruct the legal draftsman to prepare the draft promptly.
Amendment of the Companies Act No. 07 of 2007 to be Gazetted
Cabinet approves submission of the orders imposed under the Regularization of Fertilizer Act No. 68 of 1988 for the concurrence of the Parliament.
Cabinet nod to amend Land Acquisition Act No.09 of 1950
-
Business5 days agoCargoserv Shipping partners Prima Ceylon & onboards Nestlé Lanka for landmark rail logistics initiative
-
News3 days agoSeniors welcome three percent increase in deposit rates
-
Features3 days agoThe US, Israel, Palestine, and Mahmoud Khalil
-
News3 days agoScholarships for children of estate workers now open
-
Business5 days agoSri Lankans Vote Dialog as the Telecommunication Brand and Service Brand of the Year
-
News4 days agoDefence Ministry of Japan Delegation visits Pathfinder Foundation
-
Features5 days agoThe Vaping Veil: Unmasking the dangers of E-Cigarettes
-
News5 days ago‘Deshabandu is on SLC payroll’; Hesha tables documents