Minister of Foreign Affairs Vijitha Herath stated yesterday that Sri Lanka is now free of corruption, creating a favorable environment for foreign investment.
Speaking at the inaugural annual general meeting of the Global Federation of Sri Lankan Business Councils (GFSLBC), Herath emphasized that foreign investors no longer need to pay bribes or commissions to politicians to establish businesses in the country. He also encouraged the investment of foreign currency in Sri Lanka, noting improved confidence in governance.
President Anura Kumara Dissanayake was also present at the event, which marked the announcement of the first Executive Committee of the GFSLBC.
While highlighting progress, the Minister acknowledged that tax relief for investors could not be granted immediately and would require more time. He said the current government had made strides in stabilizing the political and economic landscape, reducing corruption and financial mismanagement. However, he stressed that ongoing reforms needed the support of both the business community and the public.
Herath further noted that U.S. tax on Sri Lankan exports had been reduced from 44% to 30%, though still high. He said President Dissanayake would hold discussions with top U.S. trade representatives to seek further reductions. He also confirmed that most bilateral loan restructuring processes were nearing completion.
