Foreign investor may get 5,000 acres on lease in SL: FM

6 December 2015 03:20 am Views - {{hitsCtrl.values.hits}} 11 Bookmark

A A A

Land to a foreign investor up to a maximum of 5,000 acres and relax the criteria in respect of projects which are “labour intensive with the focus on job creation,” Finance Minister, Ravi Karunanayake, told The Hindu.

“Earlier, the lease tax was very stiff,” Mr. Karunanayake said. 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. The only stipulation for the investors getting 99-year-long lease would be that they should not “indulge in buying land” and their investments should be active.

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 (PPP) mode in respect of the dairy sector and the construction of 100,000 houses in five years, Mr Karunanayake replied in the affirmative and said the term “private” would mean a local or a foreign investor while the term “public” would refer only to citizens of the country.

Comments - 11

ET Sunday, 06 December 2015 09:34 AM

Mr. Ravi, can we local small businessmen get 100 to 500 acres on lease at the rate you lease out to large companies?

7 18

Sapu Sunday, 06 December 2015 09:34 AM

UNP govts are known for their liberal economic policies anyway. We should allow foreign firms to buy shares in SLTB and SLR, it will improve them alot

4 26

DHA Sunday, 06 December 2015 10:27 AM

Ok lets pack our bags and go abroad.....

0 19

Sene Sunday, 06 December 2015 12:02 PM

Locals can own land not just lease

4 20

Dilrukshi Sunday, 06 December 2015 01:56 PM

This indicates that UNPears have absolutely no plan for economical development of the country

12 13

PPP Sunday, 06 December 2015 02:42 PM

This indicates the complete opposite of what you say

2 14

Sene Sunday, 06 December 2015 02:45 PM

Dilrukshi How the hell do you develop without Investments and Private sector invlovement?

2 12

Sapu Sunday, 06 December 2015 02:50 PM

This article is about a part of their plan and you say they ahev no plan? Even your King had more brains

2 11

Lal Sunday, 06 December 2015 02:57 PM

the UNP is taking the PPP model for economic development

0 3

Blair Sunday, 06 December 2015 04:49 PM

One good thing in a lease is government can still cancel it in the event if terms are violated. For agricultural projects better to go for short term leases.

1 4

nan Monday, 07 December 2015 01:03 PM

Srilanka -on lease to the world

0 0

222

Add comment
Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.