Minister of State for Investment Promotion Dilum Amunugama announced plans to establish a Japan-Sri Lanka Free Trade Zone in the country.
Addressing a press briefing at the Presidential Media Centre, he said that the areas of Bingiriya and Iranavila have been selected for this purpose, noting that the venture will be supported by the Sri Lanka-Japan Business Coincil and Japanese entrepreneurs interested in creating FTZs in Sri Lanka.
Minister Amunugama also elaborated on the progress related to the port city, which has been temporarily opened to the public.
He said that the port city is being developed under a third-party agreement, with USD 15 billion allocated for this purpose.
"China Harbour Engineering Company has already completed 80% of the construction work. The legal framework necessary for doing business in the port city has been prepared and several operating regulations are scheduled for approval by the Parliament," he said.
He further said that investments of about USD 1.6 billion US dollars have already arrived, with an additional 1.6 billion dollars in investments underway.
The government is planning to sell project land plots to investors, including 74 plots for business purposes and 44 for public use," he added.
