Sri Lanka to change regulations to attract foreign investment

Source: Xinhua| 2017-09-20 20:13:09|Editor: Zhou Xin
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COLOMBO, Sept. 20 (Xinhua) -- Sri Lanka will reform regulations to attract more investment to tackle growing debt and target economic growth, the country's Prime Minister Ranil Wickremesinghe said on Wednesday.

Both 2018 and 2019 would be crucial years for Sri Lanka because of high debt repayments, Wickremesinghe said in Colombo.

"We are on the right track. We have strengthened the external situation of our country to better face global market vulnerability. We are creating a series of measures to attract non-debt creating inflows, particularly for exports and Foreign Direct Investment," he told a capital market forum.

The government is planning to introduce new regulations to improve macroeconomic management, deal with debt and reduce red tape for improved foreign investment.

One key foreign exchange inflow would be the 1.1 billion U.S. dollars received from a joint venture with a Chinese company for a port in the southern part of Sri Lanka.

An additional 600 million dollars would be invested by China Merchant Holdings to further develop the port.