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Thursday, June 24, 2021

Government is expected to play a major role in the promotion of investments – Prime Minister

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Prime Minister Mahinda Rajapaksa announced that the Government is in the process of attracting Foreign Direct Investments (FDIs) to the value of US$ 15 billion through the Colombo Port City within next five years.

He said that a proper legal framework enhancing the Ease of Doing Business has been established through a Parliamentary Act.

The Prime Minister expressed confidence that this project will attract leading investors in the world as the Act enhances the Ease of Doing Business through a Single Window facilitation.

The Prime Minister was addressing the inauguration of the second day of the Sri Lanka Investment Forum yesterday. The Forum was livestreamed around the world.

He detailed the Government’s strategy aiming at improving macroeconomic factors to speed up country’s growth rate beyond 6 per cent per annum. The Government will soon put in place a mechanism to implement the tax concessions and various financial and non-financial incentives granted to investors through 2020 Budget to investors who are willing to invest in the manufacturing of boats, bonded warehouses, renewable energy and warehouses related to various offshore businesses.

He said the Government is expected to play a major role in the promotion of investments.

“The Government has focused on widening capital investment to achieve this objective. More investment is needed for the development of infrastructure and the production capacity of the economy,” he said.

He stressed the importance of implementing various tools for the uninterrupted flow of non-credit foreign exchange to the country. “Priority should be given for the sale of private equity, improving listed securities in the Stock Exchange, streamlining debt instruments and popularizing venture capital.”

The Prime Minister said that the country’s growth witnessed a downturn for five years beginning from 2015 as the value of the Gross Domestic Product (GDP) did not exceed US$ 82 billion during this period.

He said the Government’s development drive which includes the construction of expressways, development of the road network and drinking water supply schemes will continue uninterrupted amidst economic challenges triggered by the COVID-19 pandemic.

He said that the Government has already put a number of measures in place that would make Sri Lanka an attractive country for investors from all around the world.

“These measures are aimed at ensuring that both local and foreign investors will be able to establish profitable ventures without unnecessary barriers. In this background, we eagerly invite you to select Sri Lanka as your investment destination of choice.”

The Forum was launched by President Gotabaya Rajapaksa on Monday. The third day’s sessions will be inaugurated today by State Minister Ajith Nivard Cabraal.

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