Cabinet nod to set up investment zones under PPP model

In an effort to improve economic activity, Sri Lanka will see the establishment of several new investment zones across the country.
The Cabinet of Ministers approved setting up the zones this week; which if implemented as planned, will help the country achieve the ‘hub’ status in the region.

Accordingly, plans are afoot to set up new investment zones in Northern, Eastern, Northwestern, and Southern Provinces, in Mankulam, Paranthan Chemicals Company premises and Kankesanthurai Cement Corporation premises, and in Iranawila and Trincomalee.

Meanwhile, the Bingiriya, and Hambantota investment zones have been identified for expansion.
At the Cabinet briefing session this week, it was shared that the Asian Development Bank (ADB) has agreed to provide the necessary technical assistance for this effort. 

Paving the way to move forward, the Cabinet of Ministers approved the proposal presented by President Ranil Wickremesinghe in his capacity as the Minister of Investment Promotion to develop the investment zones based on an appropriate public-private partnership model.
The need to develop a joint mechanism between the public and private sectors to build an export-oriented economy was emphasised in the 2022 budget.