Environment Minister Naseer Ahamed called on Arab investors to help develop his country’s mineral projects. “Investment in this sector will yield attractive returns and would be of mutual interest,” the Minister said. He was speaking at the ‘Future Minerals Forum’ in Riyadh, Saudi Arabia on Wednesday where more than 50 Petroleum Ministers were present.
Minister Ahamed also met the Saudi Investment Minister Khalid Al Falih during this visit.
Ahamed said Sri Lanka will introduce new and modern laws and regulations resulting in liberalization and competitiveness in the sector.
He said the new laws and regulations to be robust, transparent and will create a level-playing field for businesses and investors to function, Government will not be doing business but will only regulate, monitor and facilitate them.
Specific investment promotion measures to be introduced in order to attract genuine and capable investors in exploration and value addition of critical minerals such as graphite, vein quartz, heavy mineral sands, Rare Earth Elements, Nickel, Sodium etc.
The Government will also introduce fiscal policy measures such as tax incentives, tax exemptions, tax holidays etc. and create special mineral sector investment/ processing zones based on geographical settings of mineral dispersion in the country.
Infrastructure weaknesses will be addressed by developing the logistics and business facilitation in the identified regions where mineral potential is available. The Government will promote sustainable, environmentally and socially responsible mining and exploration practices within the sector.
Add new comment