Govt. to introduce a special incentive package soon to attract large-scale FDIs

Bandula Gunawardena

The government plans to introduce a special incentive package soon, to attract large-scale foreign direct investments (FDI) into the country.
“There was a discussion on this at the Cabinet meeting held this week. President Ranil Wickremesinghe informed the Cabinet that discussions are underway to introduce an incentive package, including fiscal and financial reliefs, to attract large-scale foreign investments,” Cabinet Spokesman Minister Bandula Gunawardena said.
He made these remarks responding to a media query on lack of foreign investor interest in Chinese-backed Colombo Port City project.
Gunawardena pointed out that lack of investment incentives, slow progress in changes to the legal framework, coupled with the political crisis have contributed to lack of foreign interest in the multibillion-dollar project.
In particular, he stressed that financial incentives are critical to attract large-scale foreign investment into the country, similar to incentives extended by India, China, Vietnam and Oman, to lure in foreign investments.