Govt. plans to amend law allowing USD 250,000 foreign investments | Daily News

Govt. plans to amend law allowing USD 250,000 foreign investments

The government's focus has been drawn to amend the law that enables some foreigners who invest USD 250,000 to establish an industry in the country, Development Strategies and International Trade Minister Malik Samarawickrama said in Parliament yesterday.

The Minister made this observation in response to a question made by Joint Opposition Parliamentarian Bandula Gunawardena on an Indian Company being allowed to set up a footwear manufacturing company in the Country. Minister Samarawickrama stated that each year approximately 3 million pairs of shoes are imported to the country and approval is granted to manufacture only two million pairs.

He added that due to this reason local footwear manufacturers would not be affected by this move.

Minister Samarawickrama said however, that according to the country's existing law, anybody who invests USD 250,000 in the country could establish a factory in Sri Lanka.


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