Sri Lanka is set to unveil a game-changing investment law in the first quarter of 2024 aimed at attracting investors, boosting the economy, and securing the rights of foreign investors. The State Minister of Investment Promotion, Dilum Amunugama, made this announcement, underlining the government's commitment to fostering a more investor-friendly environment in the country.

This new law, which will be introduced with the goal of enhancing Sri Lanka's position as a competitive investment destination, is expected to feature a wide array of incentives for investors while offering crucial safeguards for foreign investor rights. Furthermore, the law will introduce a pioneering initiative: granting free land ownership rights to foreign investors—a move designed to provide them with added security and confidence in the Sri Lankan investment landscape.

Sri Lanka has long been a fertile ground for investment opportunities, with a dynamic workforce and a strategic location in the heart of South Asia although the country has been saddled with a number of socio-economic issues. The country offers access to regional and global markets, as well as a robust legal and regulatory framework that ensures investor protection. The upcoming investment law aims to build on these advantages while addressing investor concerns and removing barriers to investment.

Minister Amunugama's announcement has been met with enthusiasm from various quarters, including local and foreign investors who view this move as a significant step towards promoting economic growth and stability. By offering additional incentives and rights protection, the government hopes to attract diverse investments spanning various sectors, from technology and manufacturing to services and infrastructure.

One of the standout features of this forthcoming investment law is the plan to grant foreign investors land ownership rights. By providing these rights, the government aims to instill confidence in investors that their investments are well-protected and that they can play a vital role in shaping the nation's economic landscape.