Special tax concessions to attract foreign investment for Port City project | Daily News

Special tax concessions to attract foreign investment for Port City project

Cabinet Spokesman Mass Media Minister Dr. Bandula Gunawardena said that Cabinet approval has been given to grant special tax concessions for a period of 40 years to attract foreign investment for the Port City project.

The Minister said that the Port city project, which is a major project in the country in trying to increase foreign exchange earnings, is unique in that it offers more attractive concessions and privileges to foreign investors to attract foreign investment from competing countries around the world. He said that with the global economic downturn, attracting investment has become difficult, and countries such as Oman, have allocated the total extent of their ports for various investments. The Minister said that certain foreign investors in Sri Lanka are now taking their industries and businesses to Bangladesh, Ethiopia and Kenya.

The Minister said that the Port City received 1.4 billion US dollars as the largest foreign direct investment in the history of Sri Lanka, adding that this was the largest investment in the history of a single project and the creation of a financial market for it, as well as banks, insurance, financial institutions, tourism and hotels. He said the cabinet had approved the 40-year tax concession to attract foreign investors to schools and other projects.

The Minister said that it was very important to publicize this internationally among other countries and that it was important to supply essential commodities such as oil, gas and medicine without any shortage if our country received the dollars it needed for investment or at this time.

 

 


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