Wednesday Nov 06, 2024
FT
Wednesday Nov 06, 2024
Wednesday, 6 March 2024 00:28 - - {{hitsCtrl.values.hits}}
The Cabinet of Ministers approved the establishment of the Land Management Trust to address various challenges and inconsistencies surrounding the utilisation of Government lands across the country.
At present, the Government owns around 82% of the total land area in the country, managed by various agencies tasked with protecting and controlling these lands. However, the absence of a unified approach has led to numerous issues in releasing Government land for investment purposes. These challenges have hindered investment opportunities, potential for new industries, services and job creation.
The establishment of a dedicated mechanism with proper authority is considered essential to overcome these obstacles and create a conducive environment for investments.
“The proposed Land Management Trust will serve as a centralised body responsible for overseeing the process of identifying suitable Government-owned land and facilitating its formal release to investors,” Cabinet Co-Spokesman and Minister Bandula Gunawardena said at the post-Cabinet meeting media briefing yesterday.
Under the proposed framework, the Land Management Trust will operate under the Chairmanship of the Secretary to the President, ensuring effective coordination and decision-making. The trust is tasked with making appropriate recommendations regarding the release of State land, owned by statutory institutions to potential investors.
The proposal presented by President Ranil Wickremesinghe in his capacity as the Finance, Economic Stabilisation and National Policies was approved by the Cabinet of Ministers at its meeting on Monday.
