Budget 2018: Sri Lanka to lift land ownership restrains on foreign investors in listed companies
Sri Lanka’s Finance Minister Mangala Samaraweera says the government will move to lift foreign investor restrains on listed companies owning land.
Samaraweera announced this in the 2018 Budget themed Enterprise Sri Lanka within a Blue Green Economy in parliament yesterday (9).
The Minister noted that the Sri Lankan government would also liberalize some restrictions on foreigners buying apartments.
Samaraweera explained that the existing restrictions were a block to foreign direct investments.
The Minister also noted that the government will also review existing foreign direct investment processes and benchmark them on developed nations.
In the budget speech, Samaraweera pointed out that Sri Lanka at the moment did not attract sufficient foreign direct investments (FDI).
The move by the government to lift restrains on foreign investors of listed companies owning lands in Sri Lanka is an encouraging feature for investors exploring investment opportunities in the island. With the government moving towards an aggressive tourist promotion campaign to further increase the tourist arrivals, the proposal in the 2018 Budget will enable foreign direct investments to the sector as well as other related sectors.
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