Foreign Minister calls diaspora investment to rebuild economy

President Anura Kumara Disanayake attended the inaugural AGM of the Global Federation of Sri Lankan Business Councils held yesterday at the Shangri-La Hotel in Colombo 

• Foreign Affairs, Foreign Employment and Tourism Minister Vijitha Herath says Govt. aims to make Sri Lanka a place people return to by choice — not necessity at the inaugural AGM of the Global Federation of Sri Lankan Business Councils
• Acknowledges past economic hardships, but stressed that while rapid change isn’t possible, Govt. is building a resilient economy with zero tolerance for corruption
• Reveals three new investment zones planned in Northern Province; around 3,000 acres of SLTDA land have been allocated for major tourism projects
• Notes some policy limitations due to ongoing IMF reforms, particularly on taxation; but promised greater policy flexibility as conditions improve

By Charumini de Silva 

Foreign Minister Vijitha Herath yesterday called on the global Sri Lankan diaspora and business community to step up investments in the country, assuring that the Government is laying the groundwork for a more transparent, inclusive and investor-friendly environment.

Delivering the keynote address at the inaugural Annual General Meeting (AGM) of the Global Federation of Sri Lankan Business Councils in Colombo, Herath said the Government’s long-term vision is to create the conditions necessary for overseas Sri Lankan to consider returning — not out of necessity, but by choice. 

“We urge the diaspora and business community to invest across sectors and take collective steps to strengthen the economy so that one day, they will not need to return overseas to find a better life. That better life must be created here, in Sri Lanka,” he said. 

Acknowledging the severe economic crisis the country inherited, Herath stressed that while rapid change is not possible, the Government is committed to building a robust economic system with the right structures and zero tolerance for corruption.

The Minister assured the diaspora and investors that political interference in investment processes had been eliminated. “There are no political middlemen now. Dedicated units at the Board of Investment (BOI) are in place to directly facilitate opportunities,” he noted.

He also announced the Government’s plans to establish three new investment zones in the Northern Province, including Kankesanthurai (KKS) and Paranthan. 

In addition, he said around 3,000 acres of Sri Lanka Tourism Development Authority (SLTDA) land have been earmarked for major tourism projects, with an invitation extended to the diaspora to submit proposals.

Reaffirming that the Government’s pro-business stance, Herath was candid about existing constraints. “Some rules cannot be changed overnight as Sri Lanka is currently undergoing reforms under the International Monetary Fund (IMF) program, especially around taxation,” he explained.

However, he assured that as economic conditions improve more flexibility in policies will be introduced to better facilitate investment,” he added. 

Responding to requests from stakeholders of the Federation, Herath said the Government will consider establishing a dedicated unit within the Presidential Office to coordinate diaspora engagement and investment facilitation. 

He also reaffirmed the Government’s recognition of the Global Federation of Sri Lankan Business Councils, calling it a valuable platform for aligning the global diaspora with national development goals. 

“As a country, we must learn from our past mistakes. Let us build a stronger Sri Lanka, that is united, inclusive and globally connected,” Herath stressed.

Pix by Shehan Gunasekara