Investment zones for the North and the East

By Naalir Jamaldeen

Three to four investment zones will be set up in the North and the East.

There is a conducive environment for local and foreign investment after terrorism was eradicated, Deputy Investment Promotion Minister Faizer Mustapha told the Sunday Observer .

He said several big projects are now operational including the port city, John Keells and a project launched by businessman Dhammika Perera. The Port city project will cost over US$ one billion, the Deputy Minister said.

Three to four investment projects are under way across the country at a cost of nearly US$ 300 to $ 400 million.

Under the Strategic Development Act, foreign and local investors who meet the requirements of this Act will be provided infrastructure facilities, he said.

Deputy Minister Mustapha said that if the investor requires any facility it will be submitted to Parliament and with the approval of Parliament steps will be taken to provide the facility.

“We plan to give more employment opportunities to youth in the North and the East by setting up more new investment zones. We also hope to empower youth through new investment zones,” Mustapha said.

Political stability is the backbone of economic growth. Sri Lanka is politically stable. Due to the prevailing favourable atmosphere foreign investors are willing to invest billions of rupees on various projects, the Deputy Minister said.