Sri Lankan Govt Relaxes Restrictions on Foreign Investments

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Last updated at: (Beijing Time) Saturday, April 20, 2002

Sri Lankan Govt Relaxes Restrictions on Foreign Investments

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The Sri Lankan government has decided to relax existing restrictions on foreign direct investments to attract more foreign investment for improving infrastructure facilities and development in the war-torn country, the official Daily News said on Saturday.

Minister of Rural Economy and Deputy Minister of Finance Bandula Gunawardena was quoted by the paper as saying on Friday that the government has decided to open up foreign investment based financial activities, public utilities and other selected activities.

Foreign companies are now permitted to own 100 percent of the equity stakes in the spheres of banking, insurance, stock broking, construction of residential buildings and roads, water supply, mass transport, telecommunications power and energy, professional services and set up branch or liaison offices of companies which have been incorporated overseas.

As Norwegian-brokered peace process which aimed at ending the country's 19-year ethnic conflict is making progress, more foreign investment is expected for the development of the country.

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