ECONOMYNEXT – Sri Lanka has plans to enact key reforms to attract investments and boost exports within the next 90 days including changes in the Board of Investment (BOI) and Export Development Board (EDB), Deputy Industry and Entrepreneurship Development Minister Chathuranga Abeysinghe said, calling 2026 the year of reform.
The planned reforms also included tabling the Investment Protection Act and Public-Private Partnership (PPP) Bills to Parliament, he said.
The move comes amid delays in implementing some key reforms the island nation committed under the International Monetary Fund (IMF) programme.
The IMF in its most recent report, identified the PPP Act as crucial for stronger governance if the act clearly defines institutional roles, increases transparency, and provides better fiscal oversight.
“The investment policy, investment promotion and the land policy, have been a critical bottleneck in terms of facilitating investment,” the Minister said at the BELGOULUX Economic Forum, held at Port City Colombo on Friday (19).
“Because it has been a nightmare for an investor to come and find land, get all the tools and start a business. It takes two and a half years to three years. So that is a big change that’s happening.”
Abeysinghe acknowledged that Sri Lanka is “20 years late” in undertaking structural changes necessary for export diversification and foreign direct investment.
Market access, policy frameworks, ease of doing business, and labour reform were seen as primary obstacles constraining economic expansion and investments in the country.
The IMF in the report said that any amendments to the Board of Investments Act, as well as incentives under the new Investment and Trade Commission Act should adopt “rules-based eligibility criteria that limit the types and duration of incentives and improve transparency.”
Abeysinghe said the government has identified bottlenecks that had been inhibiting investment into Sri Lanka in previous years.
Sri Lanka has already passed the new Investment Promotion Act, with changes to include the development of Colombo Port City.
However, the minister said labour reforms cannot be guaranteed within this year. (Colombo/June 23/2026)