The Government’s move to repeal the Expropriation Act was commended by the Minister of Development Strategies and International Trade Malik Samarawickrama on Friday (21). Issuing a statement, Samarawickrama noted that this step would encourage private sector investments while rebuilding investor confidence. “Our Government recognises that as a country aiming to be an attractive destination for investment, protecting property rights of investors is of paramount importance” Samarawickrama noted. The Minister further added that the "Expropriation Law" severely damaged confidence among private investors, and hurt the country’s standing as a business-friendly nation. “The Government arbitrarily took over 37 assets owned by private entrepreneurs in a highhanded manner, and this should never have happened. After the expropriation, the enterprises were placed under the management of various government bodies with hardly any competence to run them.” On Thursday (20), Parliament passed the Bill to repeal the Expropriation Act with 91 votes cast in favour of the Bill and 69 against. The Bill was passed by a majority of 22 votes. The repealed Act will vest the relevant assets and enterprises with the Secretary to the Treasury. The Revival of Underperforming Enterprises or Underutilised Assets Act No. 42 of 2011 was enacted in 2011 by the previous Government to vest underperforming enterprises or underutilised assets with the Government. A proposal was made to repeal the said Act in the 2018 Budget speech.