Sri Lanka needs modern laws to bring investments to Port City: Basil

ECONOMYNEXT – Sri Lanka needs modern laws to bring investments to Port City, top Sri Lanka Podujana Party official and former economics minister Basil Rajapaksa has said.

He said several decades ago, when Sri Lanka started to draw foreign investments the law which now governs the Board of Investment was enacted.

“That was to bring investments like garment factories,” he said in an interview with Sri Lanka’s Hiru TV.

“But advanced financial and commercial investments are planned. They need a different legal framework.”

Rajapaksa said the last administration had delayed the port city project.

He said the Port City land was now reclaimed, but it was up to Sri Lanka to help draw in investments.

Investments were key to creating activity and jobs and he said. About five billion US dollars of investment were required to push up activities, he said. (Colombo/Jan17/2019)