The Ministerial Consultative Committee on investment Promotion has advised the Board of Investment of Sri Lanka to clearly communicate to the Central Bank of Sri Lanka and the Treasury that there are no investments coming in under the new enhanced capital-based package and therefore a new package should be introduced.
The matter was addressed at the first meeting of the Ministerial Consultative Committee on Investment Promotion held recently (15), chaired by State Minister Dilum Amunugama.
MP Dhammika Perera addressing the issue said it is important to clearly communicate to the CBSL and the Treasury as they need to have a clear understanding on the matter when carrying out negotiations with the IMF.
Accordingly, the Committee instructed the BOI to present data on the number of projects that have been received under the enhance capital-based package and employment and investment opportunities that have been brought in under the new package at its next meeting.
Responding to the concern, BOI officials present stated that there is no concession that they can offer as the BOI is in par with other countries, as all tax holidays were removed and therefore a decline can be observed in the investors coming in.
Furthermore, the possibility of amending the law to enable foreigners to purchase land was also discussed.