New investment laws likely to be introduced by 2023 end – Amunugama

Acting Minister of Investment Promotion Dilum Amunugama has called for the modification and updating of Sri Lanka’s existing legislative framework, in a bid to make the country an investment-friendly destination.

Speaking during a press conference themed ‘Collective Path to a Stable Country’ held at the Presidential Media Centre (PMC) on Thursday (20 July), Amunugama revealed that new investment laws are expected to be introduced by the end of this year.

Meanwhile, speaking on the Foreign Direct Investments (FDI) earned by the Board of Investments (BOI), the acting Minister noted that the target set by the BOI for FDIs for 2023 is USD 1.5 billion, of which USD 211 million was realized in the first quarter.

The BOI has approved investments of USD 682 million from January to July 2023, he added.

Despite the ongoing economic crisis, the BOI has been able to attract Foreign Direct Investments of 1.75 billion US dollars exceeding the targeted amount of 1 billion US dollars for 2022, Amunugama mentioned.

Acting Minister of Investment Promotion Dilum Amunugama further commented;

It is necessary to update and modify Sri Lanka’s existing legislative framework in order to make the country an investment-friendly destination. It is expected to introduce new investment laws by the end of 2023, without affecting other government entities’ current legal frameworks.

Additionally, foreign investors do not receive their investment rights when they enter this country. As a solution, we must update our legislative framework to ensure that their investment rights are protected.

A seven-member committee consisting of Director Generals of government institutions has already been appointed to look into the existing laws that restrict investments.

The government intends to execute a program under concept of ‘One Village – One Product’ to empower entrepreneurs who produce export-level products in selected regional secretariats, involving them in the export process, and scale it up at the District and National levels. 

A Central Export Center will be established for them and measures will be taken to strengthen the connection between the rural exporters and the Sri Lanka Export Development Board.

In line with the government’s proposal to cultivate cannabis for medicinal purposes, 200 project proposals have so far been submitted. The Minister of Indigenous Medicine Promotion has undertaken the task of amending the relevant laws. 

The government intends to launch the Cannabis Pilot Project by the end of 2023 following the passage of these laws.