Foreign investors no longer need to pay bribes or commissions to do business in Sri Lanka, said the Minister of Foreign Affairs at the inaugural annual general meeting of the Global Federation of Sri Lankan Business Councils (GFSLBC). He emphasized that the current government is free from corruption and has created a more transparent and stable environment for investment.
The Minister invited investors to bring in foreign currencies and start new ventures, noting that the political and economic situation has improved under the new administration. While acknowledging that full stability is still a work in progress, he said corruption and mismanagement have significantly declined.
He also stated that tax relief for investors could not be implemented immediately and would require some time. The event was attended by President Anura Kumara Dissanayake, who pledged continued reform.
The Minister added that the US tax on Sri Lankan goods had dropped from 44% to 30%, though he noted it remained high. He said the President would soon meet with top U.S. trade officials to negotiate further reductions. He also confirmed that the restructuring of bilateral loans is nearly complete.
The first Executive Committee of GFSLBC was also officially announced at the meeting.
