colpetty casino and all
By Zahrah Imtiaz and Skandha Gunasekara-September 11, 2014
The Gazette permitting two international companies to invest in a mixed development project, at R.A. De Mel Mawatha, was passed in Parliament yesterday.
Gazette Extraordinary No. 1867/5, under the Strategic Development Projects Act, was introduced by Minister of Investment Promotion, Lakshman Yapa Abeywardene.
The minister said the Gazette would allow the companies, Avic International and Nice View International, to set up a mixed development project with an investment of US$ 250 million at R.A. De Mel Mawatha.
He said it would provide 298 locals and 30 foreigners with employment and was approved by the BOI.
"Land blocks B and C have been leased to the companies but A was caught up in a law suit. But, I submitted a special Cabinet Paper asking that A be given special concessions and leased out to the company. The Minister of Finance then insisted that the companies invest an initial sum of US$ 30 million before the land is given. The companies agreed to do that and thus block A too was given to them," the minister explained.
With the Strategic Development Act 2008, the Government is bound to declare all major investments to Parliament.
Minister Abeywardene, while asking that Parliament approve of the Gazette, said it was imperative that the government attract as much FDIs as possible, if it is to reach its goal of eight per cent economic growth by 2016.
"We have made a lot of major investments in developing the basic infrastructure of this country and have taken many loans to do it. Our investments in ports, highways, roads and other development projects would be of no use if we cannot attract foreign investors to invest in the country," he said.
The government's goal is to increase its FDIs by 4.5% by 2016. This would take the FDIs from its current US$1.4 billion to US$ 5 billion. If the government does not achieve this target, it would be hard for Sri Lanka to compete with other Asian markets.
"In the 1990s, the exports of Vietnam and Sri Lanka were on par. We both had exports amounting to US$ 1 billion. Today, however, Vietnam has exports amounting to US$ 130 billion while we only managed to increase it to US$ 10 billion. They made use of the open economy and created an investor friendly environment. This is what we should do," the minister said.
The Opposition, in the meantime, asked if the 'mixed development' project would include a casino. Minister Abeywardene however, dismissed the question.
By Zahrah Imtiaz and Skandha Gunasekara-September 11, 2014The Gazette permitting two international companies to invest in a mixed development project, at R.A. De Mel Mawatha, was passed in Parliament yesterday.
Gazette Extraordinary No. 1867/5, under the Strategic Development Projects Act, was introduced by Minister of Investment Promotion, Lakshman Yapa Abeywardene.
The minister said the Gazette would allow the companies, Avic International and Nice View International, to set up a mixed development project with an investment of US$ 250 million at R.A. De Mel Mawatha.
He said it would provide 298 locals and 30 foreigners with employment and was approved by the BOI.
"Land blocks B and C have been leased to the companies but A was caught up in a law suit. But, I submitted a special Cabinet Paper asking that A be given special concessions and leased out to the company. The Minister of Finance then insisted that the companies invest an initial sum of US$ 30 million before the land is given. The companies agreed to do that and thus block A too was given to them," the minister explained.
With the Strategic Development Act 2008, the Government is bound to declare all major investments to Parliament.
Minister Abeywardene, while asking that Parliament approve of the Gazette, said it was imperative that the government attract as much FDIs as possible, if it is to reach its goal of eight per cent economic growth by 2016.
"We have made a lot of major investments in developing the basic infrastructure of this country and have taken many loans to do it. Our investments in ports, highways, roads and other development projects would be of no use if we cannot attract foreign investors to invest in the country," he said.
The government's goal is to increase its FDIs by 4.5% by 2016. This would take the FDIs from its current US$1.4 billion to US$ 5 billion. If the government does not achieve this target, it would be hard for Sri Lanka to compete with other Asian markets.
"In the 1990s, the exports of Vietnam and Sri Lanka were on par. We both had exports amounting to US$ 1 billion. Today, however, Vietnam has exports amounting to US$ 130 billion while we only managed to increase it to US$ 10 billion. They made use of the open economy and created an investor friendly environment. This is what we should do," the minister said.
The Opposition, in the meantime, asked if the 'mixed development' project would include a casino. Minister Abeywardene however, dismissed the question.
