Duminda Hulangamuwa officially assumed duties today as Chairman of the Sri Lanka Board of Investment (BOI), pledging to strengthen the institution with the aim of boosting foreign direct investment (FDI) and export growth.

Speaking at the World Trade Center in Colombo, Hulangamuwa said his vision is to restore the BOI’s former authority and efficiency, transforming it into a “one‑stop shop” for investors with stronger political backing and inter‑institutional influence than before 2005.

He emphasized that Sri Lanka’s skilled workforce, market access, and strategic geographic location can be leveraged further to attract FDI. He also highlighted the need to provide competitive advantages in financial resources and clearly define the country’s investment value proposition.

Hulangamuwa noted that policy and legislative reforms are already underway to strengthen the BOI’s powers as the lead state institution for investment promotion. 

He added that guiding Sri Lanka towards a strong economic trajectory as the main driver of the economy is the foremost responsibility of the BOI. (Newswire)

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Duminda Hulangamuwa says there is no conflict of interest in serving as the Senior Economic Advisor to President Anura Kumara Dissanayake while working as the Country Managing Partner at one of Sri Lanka’s leading accounting firms.

Hulangamuwa is currently the Country Managing Partner at Ernst and Young and also serves as Chairman of the Ceylon Chamber of Commerce.

Speaking during a televised interview, Duminda Hulangamuwa denied his dual roles led to a conflict of interest in any way, adding that he was aware of such a conversation taking place within and outside Parliament.

When inquired if he would take up the post of Finance Ministry Secretary following Mahinda Siriwardena’s move to the Asian Development Bank, Duminda Hulangamuwa said it was a decision for the President to take. 

Stating that to his knowledge, there were no discussions on his suitability for the role, he said it would be a decision for the President and government to take. 

Questioned if he would resign from Ernst & Young in the event he is offered the Finance Ministry Secretary role, Duminda Hulangamuwa said he would have to consider his responsibilities with Ernst & Young, which is set to undergo global changes this year, before taking a decision.

“There is a discussion underway in this regard. Let’s wait and see as to what happens,” he added. (Newswire)

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Sri Lanka will not be able to reduce vehicle taxes within this year (2025), Duminda Hulangamuwa, economic advisor to President Anura Kumara Dissanayake said.

Speaking during a televised interview, Duminda Hulangamuwa said as per the agreement on taxes with the International Monetary Fund (IMF), vehicle taxes cannot be reduced within this year.

Duminda Hulangamuwa further said that there was also no possibility of a change in vehicle prices. 

Commenting on the government’s revenue target via vehicle tax, he expressed confidence in achieving the target, revealing they expect an income of Rs. 300 – Rs 350 billion.

“It is too early to say if we are on track since the imports were allowed from February. We need more time to monitor the process, as duties are paid only when vehicles are cleared,” he said. (Newswire)

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Two advisors have been appointed to guide President Anura Kumara Dissanayake with matters related to Sri Lanka’s finance and economy, Cabinet Spokesman Minister Vijitha Herath said. 

Addressing the weekly post-Cabinet media briefing today, the minister said that the appointments were honorary without a salary payment or any other benefits. 

Minister Herath announced that the two newly appointed Presidential advisors are Ceylon Chamber of Commerce Chairman Duminda Hulangamuwa and Prof. Anil Fernando of Sri Jayawardenapur University. Notably, Hulangamuwa will serve without any payments or perks.

He further said that the president is empowered to appoint his staff by consulting the Cabinet of Ministers and that the appointments have been made as per the powers vested by Article 41 (1) of the Constitution. 

Accordingly, the Cabinet of Ministers has approved the appointments of Duminda Hulangamuwa and Dr. Anil Fernando as Senior Consultants of Economic Affairs and Finance.

The two honorary appointments are effective from 24 September 2024. (Newswire)

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