Investments at the Colombo Port City will get 40-year tax concessions, Minister Bandula Gunawardana said today.
The Cabinet Spokesman said that the Cabinet had decided to offer the concessions to draw more investments to the Port City.
He said that in a competitive world other countries are offering attractive concessions to draw investors.
The Minister said that drawing investments has become difficult owing to the current global crisis.
Gunawardana said that Sri Lanka needs to offer more attractive packages for investors.
As a result, the Cabinet approved a proposal to offer 40-year tax concessions for investments at the Colombo Port City.
Gunawardana said that if such concessions draw more foreign investors it will help address the dollar crisis in Sri Lanka.