Board of Investment approvals for companies
Much investor attraction has been received for investing in the entities that had not been under the Sri Lanka Board of Investment after they had been taken under the Board. Especially with the recognition and the security their enterprises may receive, foreign investors are encouraged to enter into agreements with the Sri Lanka Board of 
Investment. Accordingly, an order has been enforced by the extraordinary gazette notification dated June 1, 2023 in terms of the powers vested with the subject Minister of Investment Promotions under Section 24 of the Board of Investment Act; introducing provisions so that Sri Lanka Board of Investment is eligible for taking action. The Cabinet granted approval for the proposal submitted by the President in his capacity as the Investment Promotion Minister to submit the said order to the Parliament for its concurrence.
Partnership agreement between Rajarata University and Michigan State University
The two parties have agreed to enter into a partnership agreement between Rajarata University and Michigan State University with the aim of developing capacity, building research collaborations and developing innovations and grassroots level inputs related to sustainable agriculture. The proposed draft agreement has received the approval of Foreign Affairs Ministry and the clearance of the Attorney General. As such the Cabinet approved the proposal presented by the Education Minister to sign the proposed agreement.
MoU on cooperation between Sri Lanka Press Council and Press Council of India
A MoU related to the development of knowledge and skills of journalists by conducting subject workshops and seminars, implementation of resource exchange programmes between the two parties, activities related to the development of media ethics and the promotion of media freedom and peaceful use of media for a period of five years was signed on November 16, 2018 between Sri Lanka Press Board and Indian Press Board for cooperation between the two parties.
The period of the said MoU has now expired and it is planned to sign a new MoU for another five years. The proposed draft agreement has been approved by the Foreign Affairs Ministry. Accordingly the Cabinet approved the proposal presented by the Minister of Mass Media to sign the above MoU.
Revision of permissible Aflatoxin levels in Triposha for children aged six months to three years
Triphosha is provided under the Maternal and Child Health Programme implemented by the Health Ministry as a supplementary food for children with low nutritional level from six months to three years of age and as an additional nutrient for pregnant and lactating mothers. But due to the stringent permissible limits for total Aflatoxins prescribed in the existing regulations under the Food Act No. 26 of 1980, it has become difficult to procure maize for the production of Triphosa. Therefore, the Cabinet approved the proposal presented by the Health Minister to apply the limit of level 5ppb for type B1 and level 10 ppb of total Aflatoxin in internationally recognized food supplements.
Old ‘Cey-Bank Rest Building and Nuwara Eliya Land’ investments
Competitive investment proposals have been invited from private sector investors to redevelop and maintain the old Cey-bank Rest building and land on Queen Elizabeth Mawatha, Nuwara Eliya, owned by the Urban Development Authority. After evaluating the proposals submitted, the Cabinet Appointed Standing Negotiation Committee has submitted its recommendation. Accordingly the Cabinet approved the proposal based on that recommendation of the said committee presented by the Urban Development Minister to lease the property mentioned above to ‘Colonial Properties Private Limited’ for a lease period of 50 years.
New Sri Lanka Electricity Act Draft Bill
The Cabinet granted approval to introduce a new Electricity Act to cater to the contemporary socio-economic and administrative requirements when introducing institutional reformations for the electricity sector.
Accordingly, clearance from the Attorney General has been received for the draft Bill prepared by the Legal Draftsman. Therefore, approval of the Cabinet was granted to the proposal furnished by the Electricity and Power Minister to publish the draft Bill in the Government gazette and to subsequently furnish it to Parliament for their concurrence.
Sri Lanka – Thailand Free Trade Agreement discussions
It is expected to sign the agreement on the proposed Sri Lanka – Thailand Free Trade Agreement (SLTFTA) on February 3, 2024, subsequent to the completion of the rounds of discussions in the regard by the month of December 2023.
In concurrence with the agreements entered at rounds sixth and seventh of the said discussions, the Cabinet decided to grant approval to the customs levy releasing programme of Sri Lanka which had been prepared to enable the release of 80 percent of the combined categorized serial numbers within a period of 15 years based on the combined categorized serial numbers of 2022, to partially release 5 percent of the combined categorized serial numbers within a period of 15 – 18 years, and to include the remaining 15 percent of the combined categorized serial numbers to the minus list, when the President submitted the same to them for their consent.
