Sri Lanka Economic Commission and related units set to transform investment, export promotion

Wednesday, 8 November 2023 00:20 - - {{hitsCtrl.values.hits}}

The Cabinet of Ministers approved to the initiation of a new institutional structure for the establishment of the Sri Lanka Economic Commission and its associated units.

The proposed establishment is poised to streamline processes and consolidate boost efforts aimed at attracting investments and promoting exports. Key to this development is the consolidation of two vital entities, the Board of Investment and the Export Development Board, into a single institution.

“The Government aims to create an environment conducive to sustainable economic growth and development, establishing its position as an attractive destination for investment and trade,” Cabinet Co-Spokesman and Minister Bandula Gunawardena said at the post-Cabinet meeting media briefing yesterday.

On 16 January, the Cabinet approved to create a more favourable environment for investment and export promotion, to establish a new institution consolidating the Board of Investment (BOI) and the Export Development Board (EDB). “This amalgamation will pave the way for a more cohesive and efficient approach to economic development in the country,” he added.

The move is expected to not only strengthen Sri Lanka’s standing in the global economic landscape but also serve as a catalyst for increased foreign direct investment (FDIs) and enhance export capabilities.

He claimed, Sri Lanka has failed to attract substantial amounts of FDIs over the past decades whilst other countries in the region; India, Singapore, Malaysia, China, South Korea and the Middle East were able to attract around $ 100 - $ 200 billion a year.

The Supervisory Committee on Export and Imports is formed to oversee and steer this transformative endeavour under the purview of the Presidential Secretariat.

“Comprising individuals with proven expertise in relevant fields, this committee will play a pivotal role in executing the necessary actions to ensure the seamless establishment and operation of the Sri Lanka Economic Commission,” he said.

The proposal to this effect submitted by President Ranil Wickremesinghe in his capacity as the Investment Promotion Minister was approved by the Cabinet of Ministers at its meeting on Monday.