Press briefing of Cabinet Decision taken on 2024-03-04 (Subject to Confirmation at the next Meeting)

Establishment of the Land Management Trust for regulation of the disposition of lands owned by the State and Government Statutory Institutions for investment purposes

- The State owns around 82% of the total land extent of the country and safeguarding and controlling those lands is entrusted with a number of government institutions. It has been observed that various issues have arisen in releasing State lands for investment purposes due to these institutions are not following an integrated approach. Therefore, in order to encourage opening up of new industries and services and investment opportunities that can create new employment opportunities, it is essential to establish a duly empowered mechanism from the point of identification of lands with suitable potentials to that of properly releasing lands to investors following a transparent procedure. Accordingly, the proposal made by the Hon. President to establish the Land Management Trust comprising of the representatives of all relevant Ministries and Institutions under the Chairmanship of the Secretary to the President to submit appropriate recommendations pertaining to the release of lands owned by the State and Government Statutory Institutions, to investors, was approved by the Cabinet.