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.