Friday, March 1, 2024
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Japan-Sri Lanka Free Trade Zone Plans Unveiled by State Minister

In a recent announcement, State Minister for Investment Promotion, Dilum Amunugama, disclosed plans to establish a Japan-Sri Lanka Free Trade Zone (FTZ) within Sri Lanka, with the selected regions of Bingiriya and Iranawila identified for this ambitious project.

Minister Amunugama unveiled these intentions during a press conference held at the Presidential Media Centre, under the theme of ‘Collective Path to a Stable Country’.

Providing additional insight into Sri Lanka’s economic developments, Minister Amunugama discussed the progress of the port city, which has been temporarily opened to the public. This large-scale undertaking, funded with an allocation of 15 billion US dollars under a third-party agreement, has seen significant advancement, with China Harbour Engineering Company successfully completing 80% of the construction work. The legal framework essential for conducting business within the port city has been meticulously prepared, and various operating regulations are poised for approval in Parliament.

The Sri Lankan government has already attracted investments amounting to approximately 1.6 billion US dollars, with an additional 1.6 billion dollars in investments currently in progress. The government plans to offer 28 project land plots to prospective investors, comprising 74 plots dedicated to business purposes and 44 designated for public use.

Furthermore, efforts to establish a Japan-Sri Lanka Free Trade Zone in the Bingiriya and Iranavila areas are actively underway. These endeavors are supported by the Japanese-Sri Lankan business council and Japanese entrepreneurs who share a keen interest in creating free trade zones within Sri Lanka, thereby fostering economic growth and collaboration between the two nations.

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