The Cabinet of Ministers this week gave its approval to proceed with the initiation of Sri Lanka Economic Commission, which will merge the functions of the Board of Investment (BOI) and Export Development Board (EDB).
Considering the need for a robust mechanism to create a more conducive environment for investment and promote exports, the Cabinet of Ministers approved the establishment of a new institution during their meeting on January 16, 2023.

It was proposed to consolidate the functions of the Board of Investment and the Export Development Board under this institution. 
To oversee this initiative, a Supervisory Committee on Export and Imports, consisting of individuals with expertise in the relevant fields, was established under the Presidential Secretariat.
After a thorough examination of all relevant information, the Committee has presented resolutions for the formation of a new institutional structure.

Accordingly, President Ranil Wickremesinghe in his capacity as the Minister of Finance proposed to take necessary action for the initiation of the Sri Lanka Economic Commission and its associated units, for which the Cabinet of Ministers granted its approval.
The Cabinet also approved the preparation of the draft bill for the Sri Lanka New Investment Act, which will serve as the governing law for the Sri Lanka Economic Commission.