Nov 19, Colombo: It was disclosed during the Ministerial Consultative Committee on Investment Promotion that several more laws and regulations are to be passed within the next three months to encourage investment in Colombo Port City.

This was disclosed when the Ministerial Consultative Committee on Investment Promotion met recently (15) under the Chairmanship of State Minister of Investment Promotion Dilum Amunugama.

The Ministerial Consultative Committee inquired the officials about the current situation regarding the legal system operating in Colombo.

Responding to that, Mr. Revan Wickramasuriya, Chief Operating Officer of the Colombo Port City Economic Commission, said that several laws and regulations required to bring investments to the Colombo Port City will be implemented in the next three months, and the measures for that have already been taken.

He said that although there are special legal arrangements for commercial activities in the port city, other legal systems in the country are in effect.

The Chair stated that a new act regarding investments in this country is to be passed soon. Accordingly, the Chair further commented that from next year, the complicated conditions in making investments in Sri Lanka will be removed.

The Committee also discussed the delay in obtaining approval from the relevant ministries and institutions for the implementation of the investments to be brought to Sri Lanka.

The Chair said that the difficulties faced by the investors due to the increase in electricity bills have been paid attention to, and positive answers have been received for alternative ways to find solutions.

Furthermore, officials of the Export Development Board said that an agreement has been reached to export cinnamon to China as a food product in Sri Lanka, and progress has been made in that regard. These actions have been taken based on the views expressed by the Yadamini Gunawardena, Member of Parliament, during the previous Ministerial Consultative Committee on Investment Promotion.

State Ministers Jagath Pushpakumara, Diana Gamage, Shantha Bandara Members of Parliament Niroshan Perera, Yadamini Gunawardena, Weerasumana Weerasinghe, Kumarasiri Rathnayaka, Mrs. Manjula Dissanayake were present at the Committee meeting.