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Government To Encourage Investments

Dec 31, 2010 9:47:29 AM - thesundayleader.lk

The government has decided to remove charges imposed by the Urban Development Act in a bid to promote investments.

Media Minister Keheliya Rambukwella told the media that the government has a target of increasing investments by over 40 percent within the next 10 years.

He has said that private and foreign investors could be encouraged only by offering them facilities.

Present legislation states that 1 percent of the construction cost, other than in the construction of houses, has to be paid to the Urban Development Authority and the government has now repealed the relevant gazette notification in order to promote investments.