Colombo, Mar 8 (IANS): Sri Lanka's cabinet of ministers on Tuesday approved a proposal to issue long-term visas for tourists interested in investing in the island nation.

Minister of Youth and Sports Namal Rajapaksa said in a statement that the proposal was submitted by President Gotabaya Rajapaksa and approved by the cabinet, reports Xinhua news agency.

Namal said the option of long-term visas for keen investors will not only significantly increase Foreign Direct Investments (FDI), but also encourage more professionals and experts to invest, work, and live in Sri Lanka.

Sri Lanka's state-owned investment agency the Board of Investment (BOI) last week said the country is aiming to attract $3 billion in the FDI by 2026, and the BOI has finalised a strategic plan for the period of 2022 to 2026.

As per the BOI's plan, export revenue with new investments would reach $15 billion by 2026, and more than 100,000 jobs would be created in the country.