RIYADH- Sri Lanka Environment Minister Naseer Ahamed invited the Arab investors for his country’s mineral projects. “ Investment in this sector will yield attractive returns and would of mutual interests,” the minister said.
The minister also met the Saudi Investment Minister Khalid Al Falih during this visit.
Ahamed said Sri Lanka will Introduce new and modern laws and regulations resulting in further liberalisation and competitiveness in the sector,
- New laws and regulations to be robust, transparent and will create a level-playing field for businesses and investors to function,
- Government will not be doing business but will only regulate, monitor and facilitate.
- Specific Investment promotion measures to be introduced.
In order to attract genuine and capable investors in exploration and value addition of critical minerals such as graphite, vein quartz, heavy mineral sands, Rare Earth Elements, Nickel, Sodium etc. government will also;
- introduce fiscal policy measures such as tax incentives, tax exceptions, tax holidays etc.
- Create special mineral sector investment/ processing zones based on geographical settings of mineral dispersion in the country
- Infrastructure weaknesses will be addressed by developing the logistics and business facilitation in the identified regions where mineral potential is available.
- Set sustainability and ESG standards in the sector;
Government will promote sustainable, environmentally and socially responsible mining and exploration practices within the sector.