State Minister of Investment Promotion Dilum Amunugama on Friday (Oct. 13) announced plans to establish a Japan-Sri Lanka Free Trade Zone here.

The lawmaker mentioned that Bingiriya and Iranavila areas have been selected for this purpose.

His remarks came during a news conference at the Presidential Media Centre, held under the theme ‘Collective Path to a Stable Country’, the President’s Media Division (PMD) said.

Amunugama further elaborated on the progress related to the port city, which has been temporarily opened to the public.

He said the Port City is being developed under a third-party agreement, with an allocation of USD 15 billion. China Harbour Engineering Company has already completed 80% of the construction work. According to him, the legal framework necessary for doing business in the port city has been prepared and several operating regulations are scheduled for approval by the Parliament.

Speaking further, he mentioned that investments of about USD 1.6 billion have already arrived, with an additional USD 1.6 billion in investments underway, adding that the government is planning to sell 28 project land plots to investors, including 74 plots for business purposes and 44 for public use.

He said, additionally, activities to establish a Japan-Sri Lanka Free Trade Zone in the Bingiriya and Iranavila areas are in progress, supported by the Japanese-Sri Lankan business council and Japanese entrepreneurs interested in creating free trade zones in Sri Lanka.