New laws on int’l financial city to Parliament within weeks: Govt.

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Says new laws will be formed on recommendation of commission appointed by President
Says Govt. working to make the country attractive to investors

New laws pertaining to the international financial city to be set up in Port City will be brought to Parliament within the next few weeks, State Minister Money, Capital Markets and State Enterprise Reforms Ajith Nivard Cabraal told Parliament on Thursday.

He said the President has appointed a Commission to look into simplification of existing laws and regulations that are a hindrance to investors and based on its recommendations, new laws would be formulated.

The State Minister said this in response to a question raised by SJB MP Heshan Withanage who questioned what measures have been taken to provide a speedy service to investors.

Cabraal also said that between 2005 to 2020, 436 industries with foreign investments had commenced in the country and tabled a list of these companies.

He said that during these years, Sri Lanka which was number one in South Asia in the World Bank’s Doing Business Indicator had dropped to seventh place by 2019.

“We are now working to turn this around,” Cabraal said.

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