Press briefing of Cabinet Decision taken on 2024-01-08 (Subject to Confirmation at the next Meeting)

Establishment of new Investment Zones

- In the Budget Speech 2022, it was emphasized the need to create an integrated mechanism between the public and private sectors to build up an export-oriented economy. Accordingly, it has been identified the appropriateness of developing the new Investment Zones as follows.

• Establishment of new Investment Zones in the Northern, Eastern, North-Western and Southern Provinces.
• Establishment of new Investment Zones in Mankulam, Paranthan Chemicals Company premises and Kankesanthurai Cement Corporation premises.
• Establishment of new Investment Zones in Iranawila and Trincomalee areas.
• Expansion of the existing Investment Zones in Bingiriya and Hambantota.

The Asian Development Bank has agreed to provide technical assistance for the establishment of the proposed economic zones. Accordingly, the proposal made by the Hon. President in his capacity as the Minister of Investment Promotion to develop the said Investment Zones based on a suitable Public-Private Partnership model, was approved by the Cabinet.