Economic Commission to replace BOI & BOE

COLOMBO (News 1st); Sri Lankan President Ranil Wickremesinghe said that an Economic Commission will be formed as early as possible replacing the Board of Investment and the Board of Exports.

President Ranil Wickremesinghe made these remarks at the opening of the country’s first migratory bird park and eco-tourism zone in Hanthane, Kandy (20).

He stated that an Economic Commission will be formed as early as possible to approve investment opportunity in order to provide more opportunities to local and foreign investors.

The President also stated that it has the potential to significantly boost the country’s economy.

"More investment opportunities are necessary for Sri Lanka to embark on a new economic path. It takes ten years to approve a firm after an investor arrives in Sri Lanka. This situation should be changed. Production, export economy and technical sectors should be developed under a new economic plan. More chances for domestic and international investment should be provided for that," the President had noted, according to the President's Media Division.

"The economy won’t grow if it takes a foreign investor ten years to arrive and begin investing in Sri Lanka. President J.R. Jayawardena passed the Greater Colombo Economic Plan in a short period of three months and Sri Lanka got its economic benefits. President Premadasa approved the 200 garment industries program in three weeks. In this way, if the investment opportunities are not increased, it is not possible to strengthen the economy of Sri Lanka. Instead of the Board of Investment and the Board of Exports, we should appoint an Economic Commission and come to a system of giving approval for investments through one agency. Minister Dilum Amunugama has been assigned to arrange that. The report will be available within the next two to three weeks. Accordingly, we hope to implement it in the future. I would like to thank you for donating this bird park to the nation by providing value to the tourists," he added.

Adjacent to the Hantane Tea Museum premises, this 27-acre exotic bird park and eco-tourism zone is home to over a hundred species of migratory birds.

Established at a cost of Rs. 490 million, exotic birds are housed in large cages and the animals are cared for by a group of nearly one hundred workers.

This park has been established based on a study of birds that are not native to Sri Lanka for a period of 40 years.