World Bulletin / News Desk
Sri Lanka has decided to ban land sales to foreigners after finding that some offshore investors did not use land and property purchases to benefit the nation's economy, the government spokesman said on Thursday.
The cabinet has decided to prohibit foreigners from purchasing absolute ownership of state and private lands in Sri Lanka, government spokesman Keheliya Rambukwella told reporters.
"Wealthy foreigners buy lands and do not utilise them fully. They just keep it for their private consumption and don't contribute to the national economy such as by boosting tourism," he said.
However, Rambukwella said long-term leases of land will still be allowed, and law will not apply to diplomatic missions.
Foreign direct investment (FDI) last year totalled $1 billion, only half of the government's target and the same figure as for 2011.Last Mod: 21 Şubat 2013, 16:52