News
Semi-judicial body to protect investors
View(s):By Damith Wickremasekara
The government has proposed to set up a National Investment Protection Council—a semi-judicial body comprising retired judges—to mediate, investigate and resolve disputes between the state and investors prior to legal action by aggrieved parties.
The proposal will be part of an Investment Protection Act, which is to be introduced in Parliament within the next two months with the objective of protecting investments and enterprises owned by both local and foreign investors against arbitrary nationalisation.
The proposed National Investment Protection Council will function as a platform for dispute resolution and will operate on a case-by-case basis similar to a tribunal.
The Act is to be introduced with the objective of raising the confidence of investors and attracting high levels of both domestic and foreign investments. It seeks to improve Sri Lanka’s standing in international investment rankings and ease-of-doing-business indices, reduce investor disputes and arbitral claims, strengthen policy credibility and predictability and align Sri Lanka’s investment framework with international standards and best practices.
A senior Treasury official said that though Sri Lanka received an investment of US$1 billion this year, the amount needs to be enhanced by removing impediments like a lack of policies leading to legal disputes.
He said that the draft bill will be shortly sent to the Legal Draftsman and thereafter to the Attorney General for approval.
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