New Regulations for foreign investors

[TamilNet, Thursday, 11 June 1998, 23:59 GMT]
It will become mandatory for foreigners who want to invest or enter into project contracts in Sri Lanka to operate through local agents according to a Sri Lankan cabinet decision announced to the press in Colombo yesterday.

Mangala Samaraweera Sri Lanka's Minister for Media, Posts and Telecommunications told the press that under the new regulation, submitted to the cabinet by the Sri Lankan President in her capacity as Minister of Finance, Planning and Implementation, local agents for foreign companies which undertake major projects in ports and highways should have not less than 500 million SL rupees invested in Colombo's stock market.

The local agents of foreign contractors who undertake projects in the power, energy and transport sectors will have to show investment in Colombo's stock market which is not less than the value of 250 million SL rupees under to the new regulation he said.

The cabinet has also introduced further regulations on current tender procedures to check corruption the minister said.

 

Latest 15 Reports
01.07.20 13:22  
New secret unit among four SL military and police squads competing to arrest Tamil youth in North
30.06.20 22:10  
Tamils blocked from accessing properties near SL Navy training base in Champoor, Trincomalee
29.06.20 23:29   Photo
Moragoda advising Gotabaya prompts Sinhala parties to scrap Provincial Councils
28.06.20 22:06  
India privileging BRIC/RIC over Quad ‘discordant’, says former US top diplomat
27.06.20 22:11  
Indo-Pacific expert wants US to seek opportunities in ‘Sri Lanka’
26.06.20 21:24  
Russia steps up influence on New Delhi to uphold “multilateralism” against US “rules-based order”
25.06.20 23:53  
Pompeo talks about US reposturing troops, mentions India, Vietnam, Malaysia and Indonesia
24.06.20 23:36   Photo
Devananda circumvents court order, manipulates Jaffna fishers to allow poachers from South
23.06.20 22:03  
Sinhala encroachment of pastureland continues unabated in Batticaloa
22.06.20 18:17  
SLMC Chairman: Time for joint Tamil-Muslim efforts
21.06.20 23:11   Photo
Ex-councillor: Poverty-stricken Tamils at receiving end of SL military brutality in North
20.06.20 23:53   Photo
Tamil man killed, Sinhala Army opens fire at motorbike rider at Mukamaalai in North
19.06.20 23:30  
Dr Amir Ali: SL Archaeology aims to obliterate Tamil traces, shrink territory of Muslims in East
18.06.20 21:02  
Colombo steps up surveillance harassment on organisations operating in East
17.06.20 22:12  
SL military cordons off Jaffna islet with war-time like harassment, families fear reprisals
 
Find this article at:
http://www.tamilnet.com/art.html?catid=13&artid=1630