Sri Lanka amends law to improve investment climate

Source: Xinhua| 2017-11-20 20:10:38|Editor: liuxin
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COLOMBO, Nov. 20 (Xinhua) -- Sri Lanka will revive one of its laws with a new amendment with the aim to improve investment climate, an official here said on Monday.

Additional Secretary (Legal) of the Justice Ministry Piyumanthi Peiris told Xinhua that the Commercial Mediation Centre of Sri Lanka (Amendment) Bill had been worked out to be enacted in Parliament soon.

She said investors were sometimes reluctant to put their money in Sri Lanka because of delay in the litigation related to commercial issues.

She said though there was an original law for commercial arbitration, its provisions had hardly been used for a long time due to technical issues in implementation.

"We have worked out the amendment to the original Act in the form of the new Bill. The Justice Minister will be given the authority to appoint the chairman of the Mediation Centre proposed in it." she said.

The Sri Lankan government in its budget has proposed to amend a number of laws to improve the investment friendly climate.

Sri Lanka has envisioned plans to become a hub in the Indian Ocean for transnational trading.