• Claim negative impact on investment space 

The trade unions (TUs) affiliated with the Board of Investment (BOI) are to challenge the proposed Economic Transformation Bill in the Supreme Court due to its alleged adverse impact on the country’s investment sector.

Speaking to The Daily Morning yesterday (27), a trade union leader who wished to remain anonymous, stated that they have been working with several political parties and civil society organisations to challenge the legitimacy of the said Bill, claiming that the proposed Legislation would distract the international and domestic investors who are willing to invest here. 

The sources also claimed that they would take all possible measures to prevent this Bill from being passed in the Parliament instead of protesting and striking against it. When questioned as to whether the current BOI administration is taking a positive stance regarding the Bill, the sources noted that even the BOI administration has seemed frustrated because of certain provisions included in the Bill.

“When we spoke to the BOI administration a few months ago, they assured us that nothing unfavourable would be included in the new legislation. But now, they say that they didn’t expect such a Bill. We don’t know whether they are genuine with what they feel, but, seemingly, they have also been frustrated by the Bill,” sources said.

Stating that the BOI should be restructured in order to boost investments, sources also noted that the restructuring programme should be favourable to both the institution and its employees. “We don’t oppose the Government's intention to restructure the BOI. If it is necessary to change the name, we are even willing to do that. But, this Bill does not include anything to boost investments. Instead, the reforms suggested by this Bill would cripple the entire investment sector and distract investors from us,” he added.

Meanwhile, when contacted by The Daily Morning yesterday (27), the BOI Director General Renuka Weerakoon refrained from commenting on the Bill and its impact on the BOI, asking us to contact BOI Chairperson Dinesh Weerakkody, who was not available for comment.

Last week, in a statement, the trade unions also warned that implementing this Bill, which allegedly caters to the interests of a few individuals, without consulting experts or investors in the field, will create a perilous situation where investors, who have remained despite the economic crisis, will choose to leave the country.