Sri Lanka to re-introduce tax concessions to boost FDI

2019-12-04 11:02

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COLOMBO, Dec. 4 (Xinhua) -- Sri Lanka's new government will re-introduce tax concessions to boost Foreign Direct Investments (FDIs) into the island country, State Minister for Investment Promotion Keheliya Rambukwella was quoted by local media reports as saying here Wednesday.

"We will structure Sri Lanka to be comparatively advantageous for any investor, and reintroduce tax concessions for investors looking at investment opportunities in the country," Rambukwella told journalists.

He further said the new government will shortly disclose the actual FDI figures for this year.

Noting that there are no quantified targets given for the government to achieve in the next four months, he said the prime focus during this period is to streamline investments and the facilitation process to attract FDIs, and lay a strong foundation to ensure long-term investment growth over the next five to 10 years.

However, he said the government was keen to draw foreign individual investments (FIIs) through the stock market in the short-term.

Rambukwella said the government will also explore foreign and local private-public-partnerships (PPPs) for infrastructure projects.

Sri Lanka's new interim government was appointed last month following the victory of President Gotabaya Rajapaksa at the presidential polls in November.

The new government said last week it is aiming for an economic growth of over 6 percent by next year and would reintroduce several mechanisms to strengthen the economy.
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