Former CBSL Governor Arjuna Mahendran to spearhead govt development plan
Reducing the debt burden of the country is a matter widely discussed in the political arena and also in expert circles, with attention focused mainly on attracting foreign investors to Sri Lanka.
What is the policy followed by the government? How successful is this policy? An indepth views was taken into these questions by News1st.
Explaining the government’s five-year development plan in parliament, Prime Minister Ranil Wickremesinghe elaborated on the need to attract more foreign direct investment to the country for economic growth. On November 5, 2015, the Prime Minister spoke about several new institutions that would be set up for this purpose.
PM Ranil Wickremesinghe stated that a State Holding Corporation Limited similar to the Temasek Company of Singapore, which will manage state enterprises will established.
He added that a decision has been made reorganise and restructure the Board of Investments, the Export Development Board and the Tourism Authority within a period of three years.
Apart from establishing these three new institutions, steps were also taken to appoint former Central Bank Governor Arjuna Mahendran to spearhead the government’s five year development plan.
As a result, Arjuna Mahendran was among the delegation that accompanied the prime minister on his recent visits to Singapore and Indonesia while the managing director of the agency for development has been included as chief authority on investments in the prime minister’s delegation for the tour to China.
The Greater Colombo Economic Commission established under Act 04 of 1978 was transformed into the Sri Lanka Investment Board. Generating economic development in Sri Lanka and increasing the flow of investments to the country are among the main duties of the BOI.
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