May 24, Economic Development Minister of Sri Lanka, Basil Rajapaksa has said that outdated laws should be amended to encourage investors to start businesses and industries in the island. "Outdated laws have become red tape for local and foreign entrepreneurs in investing in Sri Lanka," Rajapaksa was quoted by the state-owned Sri Lankan Broadcasting Corporation.
Speaking at a workshop on Saturday organized by the Central Bank on improving the 'Business Ranking of Sri Lanka' Basil Rajapaksa said that the need of the hour is to build international confidence and trust for investments and the outdated laws have obstructed the progress of development.
The Minister has pointed out that a conducive environment brought about by the lasting peace and political stability should be fully utilized to encourage foreign investors to start businesses.
The Indian media has reported that Rajapaksa's statement has been made days after India sought investor-friendly policies from Sri Lanka.
The workshop held at the Central Bank on Saturday was aimed at finding ways to further develop the infrastructure needed for investment.
The Minister said it is imperative to maintain a streamlined and simple legal framework that will be favorable to the investors and emphasized the need to finalize new programs to make optimum use of the present peaceful environment in the country.
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