Economic Transformation Act 2024 · As enacted · Part II
15. Minister to declare Investment Zones
Official English translation. The Sinhala text prevails.
Official translationFrom Department of Government Printing, unchanged
The Minister shall, upon receipt of a recommendation under paragraph (f) of section 14 to declare an Investment Zone, with the approval of the Cabinet of
Ministers, by Notice published in the Gazette, declare such
Investment Zone by specifying-
the metes and bounds of the land area which shall fall within such Zone; and
the sector in which such zone falls and whether it is a single sector or multiple sector zone as referred to in subsection (5).
Where whole or part of Investment Zone is private land, the notice published under subsection (1) shall, in respect such private land, be deemed to be a notice published under section 2 of the Land Acquisition Act (Chapter 450)
and provisions of that Act shall mutatis mutandis apply in relation to such private land.
The President may make or execute a grant or any other alienation or disposition of any State land within any
Investment Zone to the Zones SL, subject to the condition that any such State land shall not be alienated for private use except to the developers, operators or enterprises or other body of persons established within such Investment Zone.
Upon a grant, alienation or disposition made or executed under subsection (3), the Zone SL shall, subject to conditions specified therein, be responsible for the use of such land.
An Investment Zone may be designated as a single sector or multiple sector zone and may include but not limited to-
industries;
information communication technology enterprises;
science and technology enterprises;
high technology agricultural enterprises;
tourist and recreational enterprises;
business service enterprises; or
livestock enterprises.
Subject to the provisions of any other written law, a person shall not carry on the business of a zone developer, operator or enterprise or provide or maintain activities or facilities within a Zone without being registered with the
Economic Commission or Zones SL, as the case may be, in accordance with the regulations made under Part II or Part III.
A Zone shall be a designated geographical area where business enabling policies, integrated land uses and sector-appropriate on-site and off-site infrastructure and utilities shall be provided, or which has the potential to be developed, whether on a public, private-public partnership or private basis where any goods introduced and specified services provided are regarded, in so far as import duties and taxes are concerned as being outside the area that falls within the
Customs Ordinance (Chapter 235), and wherein the benefits provided under this Part apply.