New economic zones to be established to attract foreign investments

President Ranil Wickremesinghe, presenting the 2023 Budget in parliament today (Nov 14), says that new Economic Zones will be established within Western, North Western provinces and also in Hambantota and Trincomalee districts in view of attracting foreign investments.

Further, the president pointed out that at least 1,000 acres of land will be allocated for each economic zone.

Accordingly, steps will be taken for setting up relevant infrastructure conducive to such investments, according to the Head of State.

Meanwhile, investments and industrial zones currently operating under various government agencies will be brought under the New Economic Zone program for which a new law will be enacted soon, whereas alternative mechanisms to the current practice of attracting foreign investors based on the tax concessions will also be examined.

Rs. 300 million will be allocated for the proposed New Economic Zone program from the 2023 budget proposal.