Economic Transformation Act, No. 45 of 2024.

This Act provides for the National Policy on Economic Transformation which is realising an adequate standard of living for all citizens of Sri Lanka and creating rapid development for the whole country. It consists of 195 sections across 38 chapters and seven parts. Part I contains provisions relating to the National Policy on Economic Transformation (Policy). The objects of the Policy are laid down along with the components of the Policy. This includes the transformation of Sri Lanka to a highly competitive, export-oriented, digital economy, and achieving Net Zero by the year 2050, increasing integration with the global economy, modernizing agriculture to boost farmer productivity, farmer incomes, and agriculture exports, and promoting inclusive economic growth and social progress. The targets for the Policy have also been laid out.
Part II establishes the Economic Commission (EC) of Sri Lanka and lays down the objects, powers, duties and functions of the EC. The provisions for administration and management of the EC are made. The EC must formulate the national policies on investment, international trade and investment zones. Provisions for facilitation and regulation of foreign investments are also provided. Further, it provides for transparency, dispute settlement, incentives and exemption from specified laws, at the discretion of EC. The EC shall establish Invest Sri Lanka to boost investments into Sri Lanka. Part III provides for establishment of Investment Zones Sri Lanka, an entity to operate and manage investment zones on behalf of the Government of Sri Lanka. The duties and functions of this entity are laid down, along with provisions for its management and administration. The procedure for site selection and establishment of investment zones are laid down.
Part IV establishes the Office for International Trade (OIT) for promotion and development of international trade activities and growth of exports of Sri Lankan products and services. It provides for the administration and management of the OIT and lays down its functions and powers. The President must appoint an Ambassador for International Trade to be the chief negotiator for international trade negotiations and other related matters. Part V provides for the establishment of the National Productivity Commission (NPC) to promote economic growth through increased productivity for the improvement of wellbeing of people in a sustainable manner. The powers, duties and functions of NPC are laid down. Part VI establishes the Sri Lanka Institute of Economics and International Trade (Institute) for research and policy making relating to economics, international finance and international trade. The powers, duties and functions of the institute are laid down.