Investor friendly rules, regulations under draft - State Minister | Daily News

Investor friendly rules, regulations under draft - State Minister

Business-friendly rules and regulations are being drafted to attract fresh foreign investments to the Colombo Port City project, Money and Capital Market and State Enterprise Reforms State Minister Ajith Nivard Cabraal told Parliament yesterday (11).

The drafted laws and regulations will be presented to Parliament soon,he said.

Cabraal was responding to a question by Samagi Jana Balawegaya  MP Hesha Vithanage during the questions round. President Gotabaya Rajapaksa has appointed a Presidential Commission chaired by Lalith Weeratunga, the Principal Adviser to the President, to remove existing legal barriers to investment, Cabraal added.

Minister Cabraal said steps have been taken to amend strict and outdated rules and regulations and to introduce more positive rules and regulations. A Cabinet Sub-Committee on Investment Promotion has been appointed to minimise delays in approving investors in Sri Lanka and to attract foreign investment to the country,he said.

Cabraal said that in future advanced technological systems will be introduced in the submission of documents related to Customs services.

Strengthening the rupee, improving the country’s transaction facilities, digitizing the stock market, improving efficiency are some crucial measures taken by the government to facilitate investors, State Minister Cabraal also pointed out.