Foreign
Sri Lankan President, Ranil Wickremesinghe on Monday said the government would establish new economic zones in the country to attract foreign investment.
Wickremesinghe said the new economic zones would be established in the Western and North Western provinces as well as Hambantota and Trincomalee.
When presenting the 2023 budget in parliament, he said at least 1,000 acres of land will be allocated for each zone.
Wickremesinghe said that a new agency will be established to create a conducive environment to promote investment and external trade.
He said that the country plans to attract foreign direct investment worth 3 billion U.S. dollars annually over the next 10 years.
The president said that a presidential commission will be established to assess and make recommendations on the public service and taxation to increase government revenue.
He also proposed to establish the National Productivity Commission to investigate and study productivity issues based on quantitative and qualitative data.
The commission will make recommendations on trade adjustment programmes and advise the government on micro-economic policies on industries, commerce and trade.
The president said that economic reforms of the government will not be confined to the reforms agreed on with the International Monetary Fund (IMF) as reforms proposed by the IMF are focused on economic stabilization.
Wickremesinghe said the government expects a high economic growth rate of 7-8 per cent through reforms and modernization.
He added that the necessary legislative amendments and new bills for economic transformation will be presented to parliament soon. (Xinhua/NAN)
A.I
Tags: International Monetary Fund Ranil Wickremesinghe
