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Reply for Oral Questions Questions No: 1712/11

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a)    i) Objective of the Board of Investment established under Greater Colombo Economic

Commission Act No.04 of 1978 are:
I)    Foster and enhance economic development of the Republic.

II)    Widening and strengthening of economic foundation of the Republic.
III)    Encouragement and improvements of foreign investments within the Republic.
IV)    Diversification of foreign exchange potential and increasing export earnings.
V)    Establishment industrial and commercial enterprises within the Republic and
encouragement and foster of development.

VI)    Administration of affairs in the area of authority and,
VII)    All other activities which may be required or supportive for the fulfillment of the
all or any of the above objectives.

Encouragement of foreign investors and promotion of investments aimed at earning foreign exchange in order to fulfill the above the objectives is one of the main tasks of the Board of Investment.  Accordingly, main aspect of encouraging investments is the provision of suitable lands for the establishment if industries and enterprises. The Board of Investment is taking action to make available lands on lease taking into consideration the factors such as the potential of the investor, the volume of investment, employment generation and economic development etc. In such a situation, tender procedure could not be practically adhered to. 

The tender procedure is followed to realize a higher price for the land and not to explore investments which could support the economic development through the provision of a land. Under these circumstances, no tender procedure has been followed when leasing out of lands by every Government since the inception of the Board of Investment.

ii)    Please see Folio 05 of Annex. 1
iii)    Please see Folio 04 of Annex. 1
iv)    Please see Folio 05 of Annex. 1
v)    Please see Folio 06 of Annex. 1
vi)    Mentioned in a (i) above.
b)    Does not arise.