Sunday, 06 December 2015 - 8:11
Lands of up to 5000 acres in extent for Foreign Investments
Finance Minister Ravi Karunanayaka stated that up to 5000 acres of land can be provided for Foreign Investors to carry out new projects in the Country.
In an interview with The Hindu, the Finance Minister stated that the criteria in respect of projects which are labour intensive with the focus on job creation will also be relaxed.
A foreign firm can do business without paying 100 per cent tax on leasing of land, though they would not be able to buy land in the island nation.
For the purpose of foreign investments, the government had identified many thrust areas, each having a potential of two billion dollars.
Asked whether foreigners would be allowed for projects proposed under the public-private partnership, Minister Karunanayake said that the term “private” would mean a local or a foreign investor while the term “public” would refer only to citizens of the country.