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Asian Tribune is published by World Institute For Asian Studies|Powered by WIAS Vol. 12 No. 2642

Sri Lanka: Another seven new investors plan to invest over 100 million

Sunil C. Perera - Reporting from Colombo

Colombo, 07 March, ( The Board of Investment of Sri Lanka and the Ministry of Investment Promotions have jointly issued ‘Letters on Approval’ for 7 new investments which include Software exports and setting up Business Promotion Offices, commonly known as BPOs.

Issuing ‘Letters on Approval, Dr.Sarath Amunugama Investment promotion Minister says these new investments would bring over 100 million rupees. A part of them are overseas investors and most of them plan to expand their businesses during a short period.

These Investments will create over 1500 direct jobs and the Minister asked them to bring more investments to Sri Lanka.

Speaking to the media on Tuesday morning at the Ministry auditorium, Colombo, Minister said the government already planned to set up a Techno park in Katunayaka to boost Software and IT related industries.

Explaining current new trends of the BOI, the minister said the BOI is not an obstructing agency for investments and any investor related matter would be solved within a 48 hour period.

A number of investors also made their comments on the BOI and its activities and said the government follows a flexible way to welcome and facilitate investors.

Retied Air Vice Marcel Silva , who also an investor said the government should mediate with the overseas governments to solve Visa matters. At present a number of hardships have been occurred when the investors willing top obtain visas from Pakistan and China.

Chairman of the Sri Lanka Institute of Information Technology Prof. Sam Karunaratne said the government still charges VAT on educational activities .He asked the minister to intervene on this matter and provide VAT exemption.

However the minister noted that he has experience on government tax regulations, but agreed to deal with the treasury officials to overcome the prevailing situation.

- Asian Tribune -

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