Moreover, India and Pakistan have been provided market access to the mineral deposits with duty concession under the Indo-Sri Lanka Free Trade Agreement (ISLFTA) and Pakistan-Sri Lanka Free Trade Agreement (PSLFTA) with 100 per cent duty free for any machinery related to the business.

Several overseas companies mainly India and Australia have applied for mining licenses after the change in awarding criteria, State Investment Minister Dilum Amunugama disclosed.

Measures have been taken to promote foreign and local investment in the country’s mineral resources sector to enhance revenues, he said adding that the previous procedure of issuing mineral mining licences has been tainted with corruption.