ECOOMYNEXT – Sri Lanka will introduce new legislation to promote public private partnerships and foreign investment, Minister Vijitha Herath has said.
“An overarching new legislation will be introduced to safeguard the rights of the investors and provide a conducive environment for foreign investment,” Herath, Minister of Foreign Affairs, Foreign Employment, and Tourism, told diplomatic representatives and business leaders at the ‘Evening with Diplomats’ organized by the Ceylon Chamber of Commerce.
This is in addition to the constitutional provisions on investment currently in place, he said.
“We are also keen to promote Public Private Partnerships and as mentioned in the National Budget 2025 a Public – Private Partnership Investment Management Act is to be introduced.
“The aim is to create a conducive legal framework for investment and to conduct such investments as partnerships, providing public and government support.
“Legislation of this nature is needed in order to promote the private sector involvement with government being an enabler.
Herath said the government’s strategy for economic stability included foreign investment, and trade expansion, emphasizing Sri Lanka’s commitment “to strengthening international partnerships and fostering a business-friendly environment”.
“The Government will remain consistent in our approach to improve Sri Lanka’s ease of doing business factors.”
President Anura Dissanayake said at the Economic Summit 2025 the government intends to streamline the process of investment approvals by cutting down the period taken for approvals from 269 days to less than 82 days and the BOI reducing the time frame from 80 days to less than two weeks.
“The National Budget highlighted our commitment towards securing investment by continuing forward with the Economic Transformation Act with amendments and introducing the Investment Protection Act.”
Herath invited the diplomatic corps to partner with the government and the private enterprise.
“We have seen already a large amount of goodwill towards Sri Lanka for this policy direction and we look forward to developing concrete initiatives for partnership.”
“Sri Lanka continues to emerge as a strong location for ethical and responsible business operations. A compelling factor indeed for environmental conscious investors and those aspiring to reach these global benchmarks.
“Sri Lanka provides an excellent opportunity for collaboration with foreign partners leading most certainly to enhance profitability and sharpen their competitiveness in the global business.”
Sri Lanka is committed to strengthening diplomatic and trade ties he said.
“We are keen to improve Sri Lanka’s market access by looking at strategic Free Trade Agreements to diversify Sri Lanka’s export basket and destinations. I would encourage collaboration between foreign embassies and Sri Lankan businesses to boost trade.
“I encourage a focused dialogue between the private sector, foreign embassies, and the government in realising our trade, investment and tourism targets. I invite foreign investors and businesses from your countries to explore opportunities in Sri Lanka and reaffirm the government’s commitment to facilitating trade, investment, and diplomatic collaboration.” (Colombo/Mar11/2025)