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Cabinet ministers, investors overruled : President Obeys People's Voice

Ceylon Today | Cabinet ministers, investors overruled: However, highlighting some of the positive outcomes of the land law, Minister Lakshman Yapa Abeywardena told Journalists in Colombo that the President's decision was purely based on people's choice and voice, despite several ministers' views and opinions.
According to Minister Abeywardena, it was getting difficult to attract investors with some regulations brought in by the government, such as the land restriction. These the minister felt, were holding back opportunities.
Sri Lankan expatriates, valued at more than US$ 35 billion, too raised concerns on the land law, which prevented them from purchasing land in their country of origin, highlighted that a good section of the diaspora were looking for investment opportunities in the country.


The minister attempted to convince the Cabinet that the land alienation law was ill-convinced and that the government should consult all the stakeholders before making any further decisions on this issue.
The new land law had options for foreign investors to obtain land on a 99 year lease with a lease tax ranging from zero to 15% depending on the project without paying 100% tax for registering the land.
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