Sri Lanka Economic Commission to be established

Cabinet approval has been granted to establish the Sri Lanka Economic Commission and preparation of the Draft Bill of the Sri Lanka New Investment Act, Cabinet Spokesman and Mass Media Minister Dr. Bandula Gunawardhana said.

He was speaking at the weekly Cabinet media briefing held at the Government Information Department yesterday.

Considering the need to have a strong mechanism to create a more favourable environment for investment and export promotion, approval was given in the Cabinet meeting held on January 16 to merge the Investment Board and the Export Development Board.

A supervisory committee on exports and investments has been established under the President’s Office, consisting of people with expertise in the relevant fields to take the necessary steps for that purpose.

The minister mentioned here that throughout history, the country has received very little Foreign Direct Investment per year, but all the neighbouring countries are receiving foreign direct investment from 80 billion US dollars to 200 billion US dollars per year.

The Minister further mentioned that the proposal made by President Ranil Wickremesinghe to introduce a new investment and export promotion institutional plan and to establish the Sri Lanka Economic Commission has been approved by the Cabinet.

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