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Last Updated : 2024-04-24 06:20:00
22 July 2021 12:21 pm - 15 - {{hitsCtrl.values.hits}}
The U. S. Department of States, in its 2021 Investment Climate Statement, identifies Sri Lanka as a challenging place to do business, with high transaction costs aggravated by an unpredictable economic policy environment, inefficient delivery of government services, and opaque government procurement practices.
The statement, published on its website, says investors noted concerns over the potential for contract repudiation, cronyism, and de facto or de jure expropriation.
It says public sector corruption is a significant challenge for U.S. firms operating in Sri Lanka and a constraint on foreign investment.
“While the country generally has adequate laws and regulations to combat corruption, enforcement is weak, inconsistent, and selective. U.S. stakeholders and potential investors expressed particular concern about corruption in large infrastructure projects and in government procurement. The government pledged to address these issues, but the COVID-19 response remains its primary concern. Historically, the main political parties do not pursue corruption cases against each other after gaining or losing political positions,” the statement said. (Kelum Bandara)
2021 Investment Climate Statements: Sri Lanka
Kishore Thursday, 22 July 2021 12:44 PM
It's very true. Also, no sign of changing in next 1000 years. Also, need few more like racist activities towards minorities, educated people are moving away from the country etc.
Francisco Aun Thursday, 22 July 2021 12:44 PM
Absolutely True!
Gayan Thursday, 22 July 2021 01:00 PM
Pressure exerted to sign the LNG deal. Smart.
Sambo Thursday, 22 July 2021 01:12 PM
A very good place for corrupted business men. Very true.
june macapagal Thursday, 22 July 2021 01:14 PM
Another important point that has been missed is accountability. It does not exist in this country.
Shehan Thursday, 22 July 2021 01:19 PM
Too many unwanted red tapes for business, exports etc
Lion Thursday, 22 July 2021 01:25 PM
No one can deny this truthful statement,
Bandara Thursday, 22 July 2021 01:42 PM
Very true. SL is a Hell for startups. I struggled very hard here. If you are not very rich and don’t have political backup don’t even think of opening a new business
Sri Lankan Thursday, 22 July 2021 01:46 PM
None can deny the statement..!
Punchi Banda Thursday, 22 July 2021 01:46 PM
In plain language what the US is saying is that our paradise is a corrupt, criminal, lacks rule of law and cannot be trusted. But this shouldn’t matter our bosom buddy China also has some of these very virtues
Spearon Thursday, 22 July 2021 01:46 PM
Agreed!! Even the educated srilankans will move away from this country. Racism and corruption is at its peak now....
Sri Lankan Thursday, 22 July 2021 02:53 PM
Very true and bribe any officials from bottom to top to get anything done.
Rohan Thursday, 22 July 2021 03:10 PM
Not only the government corrupt but also all professional bodies act as mafia for reserving their lethargic backward attitude for a change as the world moves on.
Ara Thursday, 22 July 2021 03:13 PM
They waited so long to come to this conclusion.
Priyantha77 Friday, 23 July 2021 07:18 AM
President over to you to rectify
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