Colombo, March 6 (newsin.asia) – The Sri Lankan government, on Wednesday said that foreign construction companies who wanted to bid for local projects in the island country would only be allowed to do so by entering into a joint venture with a local construction or consultancy company.
In its budget proposals for 2019, Finance Minister Mangala Samaraweera said the decision was taken to support and strengthen the local construction industry.
“No foreign construction company will be allowed to tender for Government projects, unless the project is fully foreign financed, without forming a joint venture with a local construction or consultancy company. This will support the local companies to benefit from the transfer of technology,” Samaraweera said.
The Minister added that in order to support the property development sector as well, the government proposed to grant residential visas for 3 years to foreign nationals who invested a minimum of US 400,000 dollars or more in condominiums.
This process will be implemented this year. This residential visa will not be valid when the foreigner exits from this investment, Samaraweera said.
Samaraweera, on Tuesday presented the government’s budget for 2019, providing several incentives for Sri Lankan citizens especially those living below the poverty line.
The budget was taken up for debate on Wednesday.