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Govt. to form tech company to bring in FDI 

07 Sep 2021

  • Treasury Secretary the sole shareholder 
  • CSE listing anticipated at a ‘later’ stage
  • Company to set up techno parks around the country
The Sri Lankan Government is expected to set up a technology park development company which would attract investments into the technology sector of the country and establish techno parks, according to recent information provided by the Cabinet of Ministers.  This initiative is expected to attract foreign direct investment (FDI) by encouraging foreign corporations to set up offices in the Sri Lankan technology parks. Further, it is reported that the Ministry of Technology is engaging in discussions with the European Union (EU) regarding businesses that would be set up in these parks in the future.  Moreover, it is reported that the Secretary to the Treasury is set to be the sole shareholder of the said company, in order to implement the initiative as a commercial enterprise, and the company could be expected at a later stage to be listed in the Colombo Stock Exchange (CSE) to enable the participation of private investors.  These announcements were made yesterday (7) when the Cabinet of Ministers approved the proposal by the Minister of Technology, identifying suitable locations for the establishment of five technology parks in the Galle, Kurunegala, Anuradhapura, Kandy, and Batticaloa Districts proposed under the 2021 Budget.  The selection of suitable locations for the establishment of the relevant technology parks was made based on criteria such as accessibility of the expressway network, tourist attraction, availability of required human resources, and other requirements.  The establishment of the said technology parks would be for the realisation of a technology-based society, under President Gotabaya Rajapaksa’s National Policy Framework “Vistas of Prosperity and Splendour”.  This initiative is also expected to create high-income-generating jobs for the youth by the transition to more technology-focused investments, businesses, entrepreneurship, and allied service industries.  The proposed technology parks shall include incubator facilities for the establishment of startups, collaborative activities, and programmes with uninterrupted power supply, telecommunication centres, administrative management offices, banking facilities, conference centres, recreational facilities, parking, and internal transportation.

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