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Basil: FDIs Would Not Be Allowed To Harm Local Industries

Dec 25, 2010 7:23:23 AM - thesundayleader.lk

Economic Development Minister Basil Rajapaksa says that foreign direct investments in the country would not be allowed to have a negative impact on the local industries.

Rajapaksa, addressing a meeting on establishing home economic centers at the Presidential Secretariat, has said that although the country needed to increase investments, it would not be allowed to harm the local industries.

Citing an example, he has said that the government had recently rejected an investment to establish a foreign yoghurt manufacturing plant in Sri Lanka in order to protect local manufacturers.

Rajapaksa has also highlighted the importance of a proper coordination between the various industrial sectors and the relevant ministry.