Colombo, Sep 25 (IANS): The Sri Lankan government will propose special tax breaks and concessions in the 2024 budget to attract large-scale foreign direct investors in information technology and vehicle assembly, state media reported on Monday.

Investment Promotion State Minister Dilum Amunugama was quoted as saying that the government will introduce a strategic tax policy, including tax breaks for up to a period of two to five years for investors in the IT sector, reports Xinhua news agency citing the state media.

Amunugama said the proposals are being prepared by the Finance Ministry.

He said with these schemes, Sri Lanka plans to encourage investors to invest more than $50 million.

Despite the economic crisis, the Board of Investment has been able to attract foreign direct investments of $1.75 billion exceeding the targeted amount of $1 billion for 2022, and the target for this year is $1.5 billion, Amunugama told a press conference in July.