Sri Lanka appoints committees to fast track special investments

ECONOMYNEXT – Sri Lanka has set up two committees to fast track investments and give tax breaks under under a Special Development Projects (SDP) law, Minister Keheliya Rambukwelle said.

“They will decide what tax reliefs the investor should get, which time periods and they will look at the investment brought and workers to decided on the waivers,” Minister Rambukwelle told reporters a the weekly post-cabinet new briefing.

“No tender process involved for the investors, for example when they come forward to invest in a tyre factory, there is no competitiveness there but the discussion on the procedure of how to take that investment in,” he said.

One committee will be headed by Treasury Secretary S R Attygalle.

P A Athula Kumara, Director-General of Department of Public Enterprise and VishakaAmarasekara Additional Director General (acting) Capital Market, Investments of the Department of External Resources will be Co-Secretaries to the committee.

Secretary to the Ministry of Urban Development and Housing Sirinimal Perera, Secretary to the Ministry of Power Wasantha Perera, Secretary to the Ministry of Labour Mapa Pathirana, Deputy Secretary to the Treasury R M P Rathnayake and Chairman of Board of Investments (BOI) Sanjaya Mohottala will be the other members.

A project management committee on main economic sectors made up of former Power Secetary MMC Ferdinando, former Highways Secretary Ivan Silva and Nihal Jayewardene PC has also been appointed. (Colombo/Feb23/2021).

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