Courtesy Adaderana

The Cabinet of Ministers has granted approval for the establishment of new investment zones with the necessary technical assistance from the Asian Development Bank (ADB).

Since the need to develop a joint mechanism between the public and private sectors to build an export-oriented economy has been emphasized in the 2022 budget, the government says it has identified the appropriateness of developing new investment zones.

Accordingly, a proposal was submitted to the Cabinet of Ministers seeking approval to establish new Investment Zones in the Northern, Eastern, Northwestern and Southern Provinces; in Mankulam, Paranthan Chemicals Company Premises and Kankesanturai Cement Corporation Premises; and in Iranawila and Trincomalee areas, while expanding Bingiriya and Hambantota Investment Zones.

Thus, the Cabinet of Ministers has approved the proposal presented by President Ranil Wickremesinghe in his capacity as the Minister of Investment Promotion to develop those investment zones based on an appropriate public-private partnership model.