Corporate leaders to shape new investment policy for private sector-driven economy

• A high-powered five-member committee comprising of corporate leaders and experts, appointed to draft new investment policy for Sri Lanka
• Technical assistance from World Bank to streamline FDI and review investment facilitation
• New investment policy likely to be part of reforms introduced in budget 2024 to boost private sector-driven economic growth 

 By Nishel Fernando 
In line with the government’s policy to focus on private sector-driven growth towards a strong export-oriented economy, a high-powered five-member committee comprising of well-known corporate leaders have been appointed to draft a new investment policy for the country.

“With technical assistance from the World Bank, a committee has been appointed under the President’s Office to formulate a new investment policy for the country to properly streamline FDI and review investment facilitation,” a government source close to the President’s Secretariat told Mirror Business.
The five-member Committee which consists of well-known and respected corporate leaders along with investment and legal experts have already begun consultations with the private sector to obtain their inputs for the new investment policy.

“They, in particular, will look at what can be simplified in terms of pre-investment and post-investment facilitation,” the source said.
At a recent seminar organised by the National of Chamber of Exporters, Sri Lanka’s International Trade Office Chief Negotiator K.J. Weerasinghe said the country needs to change its investment polices to meet conditions of the Regional Comprehensive Economic Partnership (RCEP).

 With RCEP opening up for new members from July 1 this year, Sri Lanka formally submitted a letter of intent to the ASEAN Secretariat on June 28 wanting to join the RCEP. In terms of market access, RCEP is focused on liberalisation of trade in goods and services as well as investments.
Meanwhile, another high-ranking government official disclosed that the new investment policy might be included as part of the reforms to be introduced in budget 2024. The main objective of these reforms is to stimulate economic growth by placing a strong emphasis on the private sector.
“The 2024 budget will have essential reforms to drive private sector growth, this could be one of them,” the official said.