Underutilized Government Land to Boost Investment Opportunities, Says President

COLOMBO (News 1st); President Ranil Wickremesinghe, also an independent presidential candidate emphasized that the country is now in a position to service its debt without printing money or borrowing from banks, relying instead on revenue generated through taxes.

" Now we have stabilized the macroeconomy, and stabilized the debt. We are in a position where we can service our debt. Remember at the same time, we have undertaken not to print money, not to borrow from the banks. So, those sources were cut off to us. We have to find our own revenue. As a result, many of you here, including myself, are paying taxes on our government salaries. Others are paying a higher rate of tax. That is the revenue, and that is what has helped stabilize the economy," said the President.

Wickremesinghe outlined the government’s commitment to a five-year plan starting from 2022, aiming to return to normalcy by 2026 and achieve a 5% annual growth rate by 2027. He noted that for the first time, the economic policy has been codified into law through the Economic Transformation Act, alongside other key legislations such as the Central Bank Act, Public Debt Management Act, and Public Finance Management Act.

The President detailed plans to revive existing construction projects and attract both foreign and local investments. He mentioned specific development projects, including high-rise hotel buildings in Galle, new hotels in Kandy, Colombo, and Trincomalee, and the broader rebuilding of cities like Colombo, Galle, and Kandy under the Megapolis plan.

"Once we get the aid back, as the disbursements come in, we will revive the existing projects and a large number of them are construction projects. We will revive all those projects. Secondly, as foreign investment comes, and local investment comes in, there will be more construction. We are looking at a fair amount of land in Galle for high-rise hotel buildings. Similarly, we are looking at construction of hotels in Kandy, more in Colombo, and later on in Trincomalee," said the President.

Wickremesinghe also highlighted the availability of underutilized government land, which will be opened up for development, encouraging investors to take advantage of these opportunities.

"There's a lot of land here, underutilized and belongs to the government. We will open it out for people to build on. It is for you to find the investor and come in. The land we will find, the rest you find. We will make it possible," added Wickremesinghe.

The President made these remarks yesterday (21) during a meeting with professionals from

the development and construction sectors.