81. Site selection and establishment of Investment Zones

Official English translation. Where it differs from the Sinhala or Tamil text, the Act itself says which text prevails.

(1)

The Zones SL Board shall, in consultation with the Economic Commission, conduct studies on the requirements for investment zones to facilitate the accomplishment of the goals in the national policies on investment, international trade, exports and investment zones formulated by the Economic Commission.

(2)

The Zones SL Board shall make recommendations to the Economic Commission for the establishment of investment zones based on findings of its studies. Such recommendations shall -

(a)

the business justification for the establishment of any investment zones;

(b)

site selection and location;

(c)

proposed sectors of activity which should be targeted, promoted and established within such investment zones;

(d)

the approvals and authorizations which shall be required for the establishment and operation of investments within such investment zones;

(e)

any incentives or exemptions which may need to be granted to investors to establish within such investment zones;

(f)

any ancillary support services which may be required from the Government or any local authorities or agencies for the purpose of providing institutional framework and physical infrastructure to enable such investment zones to operate smoothly and efficiently;

(g)

the method of operating and managing such investment zones, whether directly by the Zones

SL or as joint ventures with any other party including private parties, or on the basis of management agreements;

(h)

any charges or levies that may levied or imposed on any users within such investment zones; and

(i)

any other matters which may be relevant to the establishment and operation of such investment zones.

(3)

Upon the Cabinet of Ministers approving the establishment of an investment zone, the Minister shall procure the vesting of such site to the Zones SL having acquired the proposed site under the Land Acquisition Act

(Chapter 450) or by the grant or lease thereof under the

Crown Lands Act (Chapter 454) as the case may require.

(4)

Any land vested in terms of subsection (3) in the

Zones SL shall be deemed to be for a public purpose.

Read on from s 82

Part IV

Read on from Part IV

Part V

Read on from Part V

Part VI

Read on from Part VI

Part VII

Read on from Part VII