Port City crucial to attract foreign investments: Minister

COLOMBO (News 1st): There is a crucial requirement to attract foreign investment into Sri Lanka, without further intensifying the debt burden, Minister of Education Prof. G. L. Peiris said on Friday (May 21). "The creation of suitable procedures and institutions to achieve this target is a timely need. This is why our government decided to table the Colombo Port City Economic Commission Bill in parliament and get it passed," the Minister elaborated. Whilst emphasizing that as per Article 148 of the Constitution, the Parliament holds sole authority over the administration of public funds, Minister Prof. Peiris pointed out that this authority has NOT been undermined by the Port City Bill under no circumstances. "Tax concessions should be granted. If there is a need for investments, foreign investors cannot be attracted to invest in the country without providing tax concessions," he further noted. However, the Minister noted that these tax concessions should be granted subjected to the regulations imposed by Parliament. According to Education Minister Prof. G. L. Peiris, all the money obtained through taxes will be deposited to the Consolidated Fund.