Japan-SL FTZ to boost economy with US $ 15bn investment

Dilum Amunugama

The national economy is slated to receive a fresh boost with plans afoot to set up a Japan-SL Free Trade Zone (FTZ) with an investment of US $ 15 billion.
Investment Promotion State Minister Dilum Amunugama shared that the areas of Bingiriya and Iranavila have been selected for this purpose. The effort is supported by the Japanese-Sri Lankan Business Council and Japanese entrepreneurs interested in creating FTZs in Sri Lanka.
Amunugama made the announcement during a news conference at the Presidential Media Centre, held under the theme ‘Collective path to a stable country’.
Amunugama further elaborated on the progress related to the port city, which has been temporarily opened to the public. The port city is being developed under a third party agreement, with US $ 15 billion allocated for this purpose.
While China Harbour Engineering Company has already completed 80 percent of the construction work, the legal framework necessary for doing business in the port city has been prepared and several operating regulations are scheduled for approval by Parliament.
Investments of about US $ 1.6 billion have already arrived, with an additional US $ 1.6 billion dollars in investments underway.

The government is planning to sell 28 project land plots to investors, including 74 plots for business purposes and 44 for public use, Amunugama said.
The effort is supported by the Japanese-Sri Lankan Business Council and Japanese entrepreneurs interested in creating free trade zones in Sri Lanka.