Colombo (LNW): During the Ministerial Consultative Committee on Investment Promotion, it was revealed that several laws and regulations will be enacted within the next three months to boost investment in Colombo Port City.
The committee, chaired by State Minister of Investment Promotion Dilum Amunugama, discussed the current legal system in Colombo.
Mr. Revan Wickramasuriya, Chief Operating Officer of the Colombo Port City Economic Commission, informed the committee that necessary laws and regulations to attract investments to the Colombo Port City would be implemented in the next three months.
He emphasised that while there are special legal arrangements for commercial activities in the port city, the country’s existing legal systems remain in effect.
The committee discussed the upcoming passage of a new act regarding investments in the country, with the chair expressing confidence that complex conditions for investments in Sri Lanka will be alleviated from next year.
Addressing concerns about delays in obtaining approvals from relevant ministries and institutions for investments in Sri Lanka, the chair noted that attention has been given to difficulties faced by investors due to increased electricity bills, and positive solutions are being explored.
Officials from the Export Development Board also reported progress in exporting cinnamon to China as a food product, in response to views expressed by Member of Parliament Yadamini Gunawardena during a previous Ministerial Consultative Committee on Investment Promotion.
State Ministers Jagath Pushpakumara, Diana Gamage, Shantha Bandara, Members of Parliament Niroshan Perera, Yadamini Gunawardena, Weerasumana Weerasinghe, Kumarasiri Rathnayaka, and Mrs. Manjula Dissanayake were present at the committee meeting.