COLOMBO, Jan. 20 (Xinhua) -- Sri Lanka's cabinet of ministers has approved the implementation of new laws to attract international investors into the island country, local media reports quoting a cabinet paper said here Monday.
According to the cabinet report, the government is to fully implement the Strategic Development Projects Act (SDPA) with immediate effect to facilitate an attractive legal and tax regime to investors looking at investments of strategic importance in Sri Lanka.
It is also to ensure that the related investment approval process is streamlined so that project approval can be conducted in an expeditious manner.
The proposal to enact the SDPA was presented to cabinet by President Gotabaya Rajapaksa.
The act also provides for the extension of tax exemptions to identified strategic development projects that are of national interest, up to a period of 25 years.
The tax exemptions are given in consideration of the strategic importance of the projects taking into account the inflow of foreign exchange into the country, employment and income earning opportunities, and the transformation of technology and economic landscape.
The full implementation of the SDPA is to further consolidate public confidence and business sentiments which is essential for an economic turnaround to which the government is deeply committed, the cabinet paper said.
The new Sri Lankan government headed by President Rajapaksa said it was aiming to achieve a higher number of FDIs in 2020.
