Cabinet nod to set up high-level ‘Investment Mgt. Committee’

The Cabinet of Ministers this week granted approval to establish a high-level ‘Investment Management Committee’ to facilitate upcoming investment projects of globally recognised investors in the country on a priority basis, in a bid to further encourage investments into the country.

On Monday, Prime Minister Mahinda Rajapaksa as the Minister of Finance sought approval of the Cabinet of Ministers to appoint an ‘Investment Management Committee’ which will be chaired by the Treasury Secretary. The Chairman of Board of Investment (BOI) will be a member of the committee.

Accordingly, the members of the committee will be entrusted to take appropriate measures approving investment proposals.

Recently, several internationally recognised investors showed their enthusiasm to invest in Sri Lanka including top financier and a member of the Rothschild family, Nathaniel Rothschild, who was in Sri Lanka on a brief business trip early this year.

“Sri Lanka Board of Investment (BOI) authorities had to make an attempt to implement the project through the investment authorities in Sri Lanka.  Under these circumstances, the government has well understood the accelerated requirement of establishing of a more formal methodology for encouraging such investments,” the Government Information Department said.

The government targets to attract US$ 2 billion FDI inflows to the country this year, in addition to US$ 1 billion investments expected from Colombo Port City land leases.