Social and economic impacts to be considered in investment projects

Wednesday, 21 January 2015 00:00 - - {{hitsCtrl.values.hits}}

Minister Kabir Hashim outlines new approach in approving investments; holds first meeting with Chinese Ambassador

By Waruni Paranagamage The Government will pay special attention to the social and economic impact when implementing an investment project, apart from the name of the investor or country of origin, when approving projects, asserted Minister of Highways and Investment Promotions Kabir Hashim yesterday.

Hashim was speaking at his first meeting since taking up the ministerial post, when he met Chinese Ambassador Wu Jihanho last morning at the Ministry. The Minister emphasised that the Government would focus on strengthening the relationship between the two countries via the economic and cultural sectors. He further stated that with China being a powerful economic player in the Asian region, Sri Lanka would be able to reap the benefits via a strengthening of the relationship between the two countries. Ambassador Jihanho expressed his satisfaction about Chinese investors wanting to invest in the country. He added that Sri Lanka would be able to increase the number of tourist arrivals from China as they were enthusiastic about visiting Sri Lanka. Meanwhile, Deputy Minister of Highways and Investment Promotions Eran Wickramaratne also speaking at the meeting stated that having realised the value of natural resources and their increasing demand, the Gover-nment would focus on sustainable investment projects in order to protect natural resources for future generations. Wickramaratne also emphasised that upcoming projects under the Ministry should be environmentally and culturally friendly investments in order to obtain approval. To reap better benefits from a project, Minister Hashim said they intend to introduce new laws relating to interaction with Government agencies such as the Urban Development Authority, Central Environmental Authority (CEO), Ministry of Finance and Ministry of Tourism when implementing projects.

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