Bandula welcomes investments; 'no questions asked'

Undeterred by questions over the legality of the government, Investment Promotion Minister Bandula Gunwardana is making a new trade policy. This will include incentives to Sri Lankans living abroad to encourage them to invest their money in Governmentapproved projects for a five- year period tax free.

It will be a “no questions asked” policy on the source of the money and could include money gained overseas by businesses, sale of property and gem businesses among others, Mr. Gunawardena told the Sunday Times.

This move is similar to the one introduced by former Finance Minister Ravi Karunanayake who floated, without much success, a plan to attract Sri Lankans living overseas to invest here.

The newly appointed cabinet by President Maithripala Sirisena has been moving fast to change the trade policy of the previous government and introduce its own policy which includes tax reliefs, incentive packages for investment and tax relief for manufac- ture of garments.

Mr. Gunawardana said the government among its identified projects would also introduce infrastructure development projects and allow importations of machinery for industries, major agriculture development or cultivation projects.

Mr. Gunawardena said tjat in the garment sector they would offer tax concession for importation of machinery and raw material. He said they hope to have three free trade zones i n Kat u n aya ke, at Pamunuwa in Maharagama and at Meegoda in Padukka.

He said that due to tax concessions they hoped the prices of the products could be offered at low cost.

Among the other plans were to find new markets for the traditional exports.

He said they hope to continue with the Singapore Trade Agreement with adjustments to suit Sri Lanka and the proposed trade Agreement with India would be amended in a manner that would suit Sri Lanka.