Sri Lanka to establish new investment zones in North, East and South
In order to foster economic growth in the North, East and Southern regions of the country, the Cabinet of Ministers has granted its approval for the establishment of new investment zones, backed by technical assistance from the Asian Development Bank (ADB).
The decision comes in response to the government’s commitment outlined in the 2022 budget, emphasizing the necessity of building a robust export-oriented economy through collaborative efforts between the public and private sectors. Recognizing the imperative to create a joint mechanism, the government has identified the suitability of establishing new investment zones.
A comprehensive proposal was submitted to the Cabinet of Ministers, seeking approval for the establishment of investment zones in key regions, including the Northern, Eastern, Northwestern, and Southern Provinces. The proposed locations include Mankulam, Paranthan Chemicals Company Premises, Kankesanturai Cement Corporation Premises, Iranawila, and Trincomalee areas. Additionally, plans involve the expansion of Bingiriya and Hambantota Investment Zones.
President Ranil Wickremesinghe, in his capacity as the Minister of Investment Promotion, presented the proposal to the Cabinet of Ministers.