The drafting of a new Investment Security Act aimed at preventing arbitrary nationalization of private assets and ensuring policy stability for investors has received Cabinet approval.
The proposal, initially announced in Budget 2025, seeks to safeguard private enterprises and properties, establish an Investment Security Board to resolve disputes, and enhance investor confidence through greater legal and regulatory predictability.
A committee of officials was appointed to prepare a concept paper, which has now been reviewed and endorsed, the government said.
Based on committee recommendations, the Cabinet has authorized the Legal Draftsman to begin drafting the bill, as proposed by President Anura Kumara Dissanayake in his capacity as Minister of Finance. (Newswire)