The agreement period of marketing and investment framework between Sri Lanka and Australia has been approved to be extended by another five years.

Australia is one of the key direct overseas investment stakeholders of Sri Lanka while being the 05th source of tourist destinations.

A marketing and investment framework agreement was signed between Sri Lanka and Australia in 2017 with the vision of promoting bilateral marketing and investment between the two countries.

The Cabinet has agreed to the proposal submitted by the Minister of Trade to extend this agreement for another five years from 10.10.2023 so that the marketing and investment cooperation can be continued uninterrupted as mentioned in the said agreement.

Approval has been received to prepare the National Land Commission Act for the establishment of a Land Commission in line with the 13th Amendment to the Constitution.

The Government Information Department said that in the 13th Constitutional Amendment, Schedule 9, List 1, Appendix II, provides for the establishment of a Land Commission.

Accordingly,  the Cabinet has approved a proposal by the Lands Minister to advise the Legal Draftsman to prepare a Bill based on the preliminary draft prepared for that purpose.

A Memorandum of Understanding (MoU) will be signed between the Ministry of Investment Promotion and the National Development and Reformation Commission of the Republic of China, the government said.

“Concurrence between the parties has been given to enter into a MoU to promote production capacity and investment cooperation between the National Development and Reformation Commission of the Republic of China and the Ministry of Investment Promotion of Sri Lanka.”

“Accordingly, the Cabinet granted approval for the resolution furnished by the President in his capacity as the Minister of Investment Promotion to sign this MoU,” it said.