Sri Lanka plans new economic zones to attract foreign investment

Sri Lankan President Ranil Wickremesinghe on Monday said the government would establish new economic zones in the country to attract foreign investment.
Mr Wickremesinghe said the new economic zones would be established in the western and northwestern provinces and Hambantota and Trincomalee.
When presenting the 2023 budget in parliament, he said at least 1,000 acres of land would be allocated for each zone.
Mr Wickremesinghe said a new agency would be established to create a conducive environment to promote investment and external trade.
He said the country plans to attract foreign direct investment worth $3 billion annually over the next 10 years.
The president said a presidential commission would be established to assess and make public service and taxation recommendations to increase government revenue.
He also proposed establishing the National Productivity Commission to investigate and study productivity issues based on quantitative and qualitative data.
The commission will recommend trade adjustment programmes and advise the government on micro-economic policies on industries, commerce and trade.
The president said the government’s economic reforms would not be confined to the reforms agreed on with the International Monetary Fund (IMF) as reforms proposed by the IMF are focused on economic stabilisation.
Mr Wickremesinghe said the government expects a high economic growth rate of 7-8 per cent through reforms and modernisation.
He added that the necessary legislative amendments and bills for economic transformation would be presented to parliament soon.
(Xinhua/NAN)
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette

Agriculture
FG tasks ECOWAS on leveraging financing strategies for agroecology
The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices

Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”

States
Troops arrest suspected terrorist logistics suppliers in Borno
Mr Goni said troops recovered 202 cartons of herbicides, one jerrycan containing suspected acid, and one Starlink wireless internet communication system, among other items.

Hot news Home top
FULL SPEECH: ‘I go with good grace,’ Starmer says in final speech as UK PM
Keir Starmer gave his final speech as prime minister on the steps of Downing Street.

Economy
Lagos inaugurates accelerator training for N10 million single-digit MSME loans
The loans will be provided under the Lagos State Access to Finance for SMEs through Cooperatives (LASMECO) programme.

Politics
My administration remains focused on service, says Gov Alia
Governor Hyacinth Alia says his administration remains undeterred, focused, and deeply committed to serving the people in Benue.

Abuja
Court admits Miyetti Allah leader Bodejo to N2 billion bail in money laundering trial
The Federal High Court, Abuja Division, on Monday admitted Bello Bodejo, the national president of Miyetti Allah Kauta Kore, to N2 billion bail with two sureties.

States
FRSC cracks down on drivers, arrests 58 offenders for overloading
The Federal Road Safety Corps says it arrested 58 offenders since beginning its ‘War Against Overloading’ campaign in Gombe.





