WORLD Sri Lankan president to form legal framework to attract investments

WORLD

Sri Lankan president to form legal framework to attract investments

Xinhua

18:11, February 20, 2020

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File photo

COLOMBO, Feb. 20 (Xinhua) -- Sri Lankan President Gotabaya Rajapaksa on Thursday informed his government that he will soon form a legal framework that would transform Sri Lanka to a country favorable for investments.

The government information department said in a statement that the framework would include undertaking investments while protecting the environment.

The president also called on all state institutions to cooperate well in order to amend the laws, rules and regulations as it was their responsibility to preserve the environment and propose convenient procedures and methodologies for the public and investors.

The president also instructed officials to be efficient in issuing licenses which in return would motivate both local and foreign entrepreneurs and investors.

The Sri Lankan government earlier this week said it had implemented a special program to enable foreign investors to invest in the island country without delay.

The government said it hoped to bring in more foreign investors to the country within the next five years and this new program has been launched to achieve this target.

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