Sri Lanka is offering tax holidays of up to 15 years and positioning Colombo Port City as a regional financial and trade hub as it seeks to attract investors from the United Arab Emirates amid renewed political and economic stability, according to Gulf News.
Deputy Minister of Industry and Entrepreneurship Development Chathuranga Abeysinghe speaking to Gulf News said the government is streamlining investment approvals and incentives to make Sri Lanka a more predictable and competitive destination for foreign capital.
“We have two broad investment opportunities – the Colombo Port City, which is being developed as a regional financial hub, and projects under the Board of Investment,” Abeysinghe told Gulf News on the sidelines of the Invest Sri Lanka Investor Forum in Dubai. “Some investments qualify for tax holidays of up to 15 years, along with other incentives. With the new Investment Promotion Act, all of this will be streamlined and made clearer.”
Abeysinghe said Sri Lanka’s neutral foreign policy and expanding trade access make it attractive for Middle Eastern businesses seeking a regional base, noting that the country engages with China, the United States, India and the Middle East.
He highlighted agriculture, tourism, maritime logistics and renewable energy as priority sectors for foreign investors, pointing to opportunities in luxury tourism, ports and green energy projects.
“The trajectory is clear. Stability is in place and reforms are under way,” Abeysinghe said. “We talk about Vietnam, South Korea and India’s turnaround. We talk about how Dubai came up, and next is going to be Sri Lanka.”
He acknowledged that Sri Lanka lost growth opportunities over the past three decades due to policy inconsistency and corruption but said the situation has changed since 2022, with reforms strengthening the legal framework for investment.
“Our economy is now stable and predictable. Key reforms are being implemented, policies are consistent, and the legal framework for investment is being strengthened,” he said, adding that digitisation initiatives and land policy reforms are removing long-standing investment bottlenecks.
“This is no longer a gamble. Investors can be part of Sri Lanka’s growth journey as long-term stakeholders,” Abeysinghe added. (Newswire)