Govt. to introduce new investment laws by end of 2023

Saturday, 17 June 2023 00:08 - - {{hitsCtrl.values.hits}}

State Minister Dilum Amunugama says the new legislation will address current complexities in process
Says an Investor Facilitation Center has been introduced to address issues in meantime
Notes new investment zones have been identified and will be promoted to attract new investors

State Minister of Investment Promotion Dilum Amunugama this week announced that the Government will introduce new legislation relating to investments by the end of 2023.

Amunugama expressed that the proposed legislation aims to eliminate the existing complexities within the investment process. Amunugama made the announcement during the meeting of the Ministerial Advisory Committee on Investment Promotion in Parliament recently.

When the Members of Parliament sought clarification on the intricate situation surrounding matters like acquiring licences for investments in Sri Lanka, the Minister of State addressed their concerns by referring to the upcoming Investment Act that is currently under proposal.

Moreover, the Minister of State highlighted the establishment of an Investor Facilitation Center, situated on the 27th floor of the World Trade Center. He said this centre aims to provide comprehensive facilities, including addressing investor issues and will operate in close coordination with various government agencies.

Additionally, investors have been granted the opportunity to meet with the heads of relevant institutions to present their concerns. Amunugama emphasised that the Investor Facilitation Center would serve as a platform for investors to swiftly address their current challenges. He further mentioned that this arrangement is temporary and will remain in place until the new law is enacted.

Similarly, the Minister of State pointed out that specific investment zones with the potential to attract investments to Sri Lanka have been identified. Active measures are being taken to promote these zones and attract new investors to contribute to the country’s economic growth, he added.

The Members of Parliament also emphasised the importance of providing accurate information concerning investments brought into the country. They highlighted the need for transparency and the presentation of genuine information when engaging with international financial institutions such as the International Monetary Fund.