In a significant development, Sri Lanka’s Cabinet has given the green light for the establishment of the Sri Lanka Economic Commission and the drafting of the Sri Lanka New Investment Act, as announced by Cabinet Spokesman and Mass Media Minister Dr. Bandula Gunawardhana during the weekly Cabinet media briefing held at the Government Information Department.
The decision to merge the Investment Board and the Export Development Board was reached in a Cabinet meeting held on January 16, with the primary goal of creating a more conducive environment for investment and export promotion. A supervisory committee on exports and investments, comprising experts in relevant fields, has been formed under the President’s Office to oversee and implement the necessary measures to achieve this objective.
Minister Gunawardhana highlighted that historically, Sri Lanka has attracted relatively low Foreign Direct Investment (FDI) per year, while neighboring countries have been successful in attracting substantial FDI ranging from 80 billion to 200 billion US dollars annually. Recognizing the importance of bolstering investment and export promotion, President Ranil Wickremesinghe’s proposal to introduce a comprehensive institutional plan for these purposes and the establishment of the Sri Lanka Economic Commission has been unanimously approved by the Cabinet.