Sri Lanka Open for Business, Says Foreign Minister Amid Push for Clean Investment Environment | Sri Lankan Post News
Colombo, July 26 (Sri Lanka Post) — Foreign Minister Vijitha Herath declared that Sri Lanka is now free of political corruption, making it an ideal time for foreign investors to enter the market. Speaking at the inaugural Annual General Meeting of the Global Federation of Sri Lankan Business Councils (GFSLBC) on Friday, the Minister said the government is committed to creating a transparent and investor-friendly climate.
“Investors can now launch businesses in Sri Lanka without having to pay bribes or commissions to politicians,” Minister Herath emphasized. “You can bring your foreign currencies and invest with confidence.”
The event was attended by President Anura Kumara Dissanayake, who has vowed to reshape Sri Lanka’s political and economic culture since assuming office.
No Immediate Tax Breaks, But Long-Term Promise
While assuring a cleaner investment environment, the Minister was candid about the government’s current fiscal limitations. He said tax relief for investors would not be available immediately and would take time to implement. However, he pointed out that Sri Lanka’s economic and political stability has improved under the new administration, and corruption is significantly reduced.
“We are trying hard to turn this country around and uplift people’s lives,” Herath said. “But the government alone cannot do this — we need the partnership of both the business community and the people.”
U.S. Tax Negotiations and Loan Restructuring
The Minister also addressed international trade issues, noting that U.S. tax on Sri Lankan businesses has been reduced from 44% to 30%. While this is a step forward, Herath acknowledged that the rate remains high. He said President Dissanayake is in talks with top U.S. trade officials to negotiate further reductions to help Sri Lankan exporters compete globally.
On the financial front, Minister Herath announced that Sri Lanka has nearly completed the restructuring of all its bilateral loans, a critical step in stabilizing the economy and improving investor confidence.
GFSLBC Launches Executive Committee
The inaugural session also marked the official announcement of the first Executive Committee of the Global Federation of Sri Lankan Business Councils (GFSLBC), signaling a renewed effort to build global business networks and attract diaspora investment.
With a focus on good governance, transparency, and international cooperation, the government hopes to position Sri Lanka as a credible and competitive destination for global investors.
