The government has decided to take over 37 unutilized state lands given to private enterprises with the intention of making them available for serious investment, a senior government official told the Daily News.
An under utilized property in Colombo
He said that even though the government had granted state land with tax benefits and sufficient time to these investors to start development projects, they have failed even to embark on them. He observed that these investors have entered into agreements with the government that these projects will create employment opportunities and provide assistance for skills development and technology transfer.
These lands were given to them with the understanding that those investments will bring funds to the country, he said.
The official observed that these unactivated project agreements are a great loss of opportunity for serious investment flowing into the country with the dawn of peace.
He stated that there is a growing interest among local and foreign investors to invest in Sri Lanka and optimum benefits should be secured from these prospects.
The percentage of unutilized state land is small compared with the total number of investments embarked as local, foreign or joint ventures on state land.
He said that these investors were given tax concessions and exemption from the Exchange Control Act and Custom duties and some of them still have not done anything.
He observed that these lands are important property of the country and non utilization of them is a waste of state assets.
He explained that the 37 private enterprises also include land out of Colombo. He revealed that state land which is to be taken over also include, a land in Sevanagala given for an investment to build a factory to develop sugar, a land in Anuradhapura given to set up a garment factory for export, a land in Battaramulla leased by the UDA to build a tower and another UDA land on Galle Road, Colpetty, given to operate a city hotel.
He also noted that these state lands will be taken over by enforcing a new law and it is to be presented in Parliament for approval shortly.
http://www.dailynews.lk/2011/11/04/news20.asp
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