New investment zones in Northern, Eastern, Northwestern, and Southern Provinces

The Cabinet of ministers has approved a proposal to establish new investment zones in Northern, Eastern, Northwestern, and Southern Provinces, the government information department announced yesterday (09).

According to the Department statement, the need to develop a joint public and private sector mechanism to build an export-oriented economy has been emphasized in the 2024 budget.

The department said these new zones will be situated in the Paranthan Chemicals Company complex, Kankasanturai Cement Corporation premises in the Northern Province, and at Iranawila in NWP and Trincomalee in the Eastern province.

The existing investment zones at Bingiriya in the northwestern province and Hambantota in the Southern province will also be expanded, the statement said.

The department said the Asian Development Bank has agreed to provide the necessary technical assistance.

The proposal to develop those investment zones based on a public-private partnership model was presented by President Ranil Wickremesinghe in his capacity as Minister of Investment Promotion, it said. (RK)