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Friday June 18th, 2021
Economy

Sri Lanka passes law to set up China-backed special economic zone

INVESTMENT MAGNET: The Colombo Port City is expected to attract around 15 billion US dollars in investments.

ECONOMYNEXT – Sri Lanka’s has passed a law to set up a China-backed dollarized special economic zone, which is expected to fast-track investments and be protected against currency deprecation with 148 members of a 225 assembly voting and 59 voting against.

Sri Lanka’s Supreme Court earlier ruled that 26 provisions were contrary to the constitution and it would require a two third majority to pass it in its original form.

The 148 votes for the Port City Commission law fell a slightly short of the 150 two thirds majority.

Sri Lanka’s State Minister for Money and Capital Market says the Port City would bring 15 billion dollars of investments and add 12 billion dollars each year to the gross domestic product of the country.

It would also be a test-bed for new ways of running government process and improve the ease of doing business.

Related

Colombo Port City could boost Sri Lanka’s GDP by US$12bn a year: Minister Cabraal

Sri Lanka ‘patriots’ sold out sovereignty, violated constitution on Port City bill: Eran

At the third reading committee stage the opposition Samagi Jana Balawegaya moved amendments which were rejected by the government.

Opposition member Harsha de Silva proposed that parliament contribute a sum of money to the Colombo Port City start-up financial fund to make it a state corporation coming under the parliament.

The opposition proposed that ex-officio members be included in the Colombo Port City Commission, instead of all being political appointees of the President.

Minister have said a majority would be Sri Lankans.

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