The bill aims to transform Sri Lanka into a highly competitive and export-oriented digital economy by including diversification and deep structural changes of the national economy

The stability and probability of consistent economic policies should be indispensable for fostering long-term economic growth, he said.

The Economic Transformation Act will be enacted to spearhead these objectives, potentially leading to the establishment of an Economic Commission replacing the current Board of Investment (BoI) which was in existence for 45 long years.

The New Economic Commission is to be set up under this act replacing BOI and its control over free trade zones will be consolidated under its purview