New economic unit for the South

The Ruhunu Economic Development Corporation (REDC) is emerging as a key area of development activities in the Southern region’s resurgence of the economy in the near future with the enactment of a new law.

This new bill has been drafted by the Legal Draftsman and will be presented in Parliament soon for the establishment of export oriented special economic zones attracting foreign investors and creating employment for youth in the South.

It has been prepared on the lines of the Greater Colombo Economic Commission (GCEC) law and all necessary powers will be vested in the autonomous Ruhnu Economic Corporation to be set up shortly.

Ruhuna and Hambantota have been earmarked to establish an investment zone to compete with those in the Western Province.

Export Processing Zones are expected to be established in Galle and Matara with several large tourism zones of about 500 acres also to be set up by the Government.

The Hambantota investment zone would connect the airport and harbour to create a self-sufficient investment zone with a LNG power plant and other facilities,

Tea smallholders will be given assistance under this programme.

A senior official of the Southern Development Ministry said that several of these programmes have already been started.

The REDC will bring unprecedented development in the Moneragala area as well within the next few years, he said.

The Ports and Shipping and Southern Development Ministry will be obtaining the services of a local or international consultancy agency with experience in transaction advisory services for large scale projects to initiate this project. (BS)