The Sri Lankan cabinet accepted a plan on Tuesday to offer long-term visas to tourists who are interested in investing in the island nation.
According to the Xinhua news agency, Minister of Youth and Sports Namal Rajapaksa stated in a statement that the idea was submitted by President Gotabaya Rajapaksa and approved by the cabinet.
According to Namal Rajapaksa, Long-term visas for interested investors, will not only significantly increase Foreign Direct Investment (FDI), but will also encourage more professionals and specialists to invest, work, and live in Sri Lanka.
The Board of Investment (BOI), Sri Lanka’s state-owned investment agency, announced this week that the country aims to attract $3 billion in FDI by 2026 and that the BOI has finalized a strategic plan for the period 2022 to 2026.
According to the BOI’s proposal, new investments will increase export earnings to $15 billion by 2026, creating more than 100,000 jobs in the country.