Friday, 20 November 2020 17:44

Sri Lanka foreign investment strategy focuses on investment promotion

Sri Lanka government will be implementing foreign investment strategy while protecting local investors in a local production oriented economy, official sources said.

As an initial step a modern investment zone will be set up for local and foreign private Investors under the Strategic Development Act.

ICT parks in Galle, Kurunagala, Anuradhpura, Kandy and Batticaloa will be established investing Rs.10 billion to develop these parks as eco-friendly new cities, connected to the expressway network and other infrastructure facilities.

US $ 10 million investment will be used in export industries, dairy, fabric, tourism, agri and ICT will get a 10-year tax holiday through the Strategic Development Act.

the Colombo and Hambantota ports are to be promoted as commodity trading hubs in international trading and to encourage investments in bonded warehouses and warehouses related to offshore business, exempt such investments from all taxes.

Bank and financial facilities will be provided on Treasury guarantees to increase the production capacity of State Pharmaceutical Manufacturing Corporation to expand the production of essential pharmaceuticals.

And also to establish a modern investment zone for local and foreign private investors under the Strategic Development Act.

A five-year tax concession will be made available from January 1, 2021 to domestic industrialists.

For the next five years, agri, livestock and fisheries sectors to be income tax free.

: Increase investments and create business opportunities while focusing on a more dynamic business ecosystem. The contribution of the diplomatic missions for economic diplomacy will be expanded to promote industries. . .

The opportunities are to be optimized for exports, tourism, foreign employment and investment in our country under the dynamic world economic conditions.

(LIN)

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