Sri Lanka will achieve an economic growth rate in the excess of 4% in 2025, President Anura Kumara Dissanayake said at the inauguration of the Ceylon Chamber of Commerce hosted Economic Summit at the Shangri-La hotel yesterday.
The President said that to achieve this they have identified key thrust sectors like tourism, shipping and logistics, ICT sector to support in and egg on. The Government will be investing heavily in expanding the ports sector. In addition we also have identified that Foreign Direct Investments (FDI) is also key towards rapid economic and to this we have taken series of decisions to reduce red tape.
“Currently it takes around 269 days since the signing of a agreement with BOI and to execute the project investors have to go to 82 institutions to get approvals.
These include 11 with under Environment Ministry”. “We have now implemented systems to reduce this to less than 82 days to woo investment.”
“The President also said that steps should be taken to breach regional disparity between Western Province and other provinces. The upcoming budget will present a series of proposals towards this end,” he said.
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