Sri Lanka's Cabinet has approved the submission to Parliament of regulations relating to 68 businesses designated under the Colombo Port City framework as Secondary Businesses of Strategic Importance.
The regulations had previously been published through Gazette notifications and are now being moved through the parliamentary approval process required under the Colombo Port City Economic Commission framework.
68 businesses covered
The regulations concern 68 entities designated as Secondary Businesses of Strategic Importance.
The businesses cover a range of activities associated with the Port City economic framework, including areas such as information technology, business-process outsourcing, consultancy, logistics and infrastructure-related business models.
Regulatory step rather than 68 new investments
The Cabinet decision should not be interpreted as meaning that 68 new foreign companies have just decided to invest in Sri Lanka.
Nor does it mean that 68 new investments were secured on September 1.
The development concerns the regulatory and parliamentary process applying to businesses already designated under the Port City framework.
Regulations to go before Parliament
Cabinet approval allows the relevant regulations to be submitted to Parliament in accordance with the applicable provisions of the Colombo Port City Economic Commission Act.
Parliamentary consideration is therefore a further stage in the regulatory process.