President Anura Kumara Dissanayake says the present administration plans to introduce amendments to several existing laws and enact new legislation to modernise the country's legal and regulatory framework, noting that some laws currently in force are more than 100 years old.
Delivering the 2027 Budget speech in Parliament, the President said legal and institutional reforms were essential to achieving genuine economic transformation, attracting investment and improving the living standards of the people.
He said the Government intended to present the necessary legislative changes to Parliament, replacing outdated laws and institutions with modern frameworks that address present-day economic and social requirements.
President Dissanayake stressed that every sector of the economy needed to undergo transformation, requiring a new approach to governance and economic management.
He noted that certain institutions had already outlived the purposes for which they were established, adding that both existing laws and institutions would be reviewed and reformed, while new legislation and modern institutions would be introduced to meet the country's current and future needs.
The President also announced plans to modernise Sri Lanka's accounting and auditing framework, pointing out that significant gaps remained in the existing standards.
The Investor Protection Bill will soon be presented to Parliament, and the Colombo Port City Economic Commission Act will be amended to attract foreign investment, the President.
In addition, the Government plans to introduce a new State Assets Management Act aimed at strengthening the management and oversight of public property and assets owned by the State.
He also highlighted plans to improve the country's regulatory framework through reforms to existing laws and regulations, with experts being invited to assist in reviewing and updating the current legal framework.
As part of efforts to facilitate exports, the President announced plans to establish a single-window system for selected products.
He said a sum of Rs. 100 million will be allocated to create the single-window system for investment.
Under the proposed arrangement, exporters of products such as coconut and tea would be able to obtain the necessary permits and approvals through a streamlined process, reducing administrative barriers and facilitating export activities.
The President said these legal, institutional and regulatory reforms were intended to create a more conducive environment for investment, accelerate economic activity and improve the quality of life of the people.
