COLOMBO (News 1st); The Sri Lankan Cabinet of Ministers have decided to award 40-year tax concessions for investments in the Colombo Port City.

Min. (Dr.) Bandula Gunawardana, the Cabinet Spokesperson told reporters on Tuesday (7) that the Cabinet reached such a decision as foreign countries have attractive concessionary packages for foreign investors.

“Sri Lankans are operating businesses in Bangladesh, Ethiopia and even Kenya as investing in those countries are more beneficial. We are trying to attract foreign investors to our country. This means we will have to offer more competitive packages,” he said.

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