Colombo, Aug 31 (IANS): Sri Lanka is taking measures to ease the restrictions imposed on foreigners acquiring land in the island nation for investment projects, the Ministry of Finance said on Wednesday.
A new draft bill is being prepared with the aim of providing provisions to provide ownership of land without being affected by the Land Restriction and Alienation Act of Sri Lanka, Xinhua news agency reported citing a Ministry of Finance statement.
The local and foreign investors as well as entrepreneurs will be encouraged to expand their businesses clearing impediments in obtaining land and buildings under the government's mid-term economic plan, the statement said.
Meanwhile, the restrictions on foreigners, companies, and locally incorporated firms with over 50 per cent foreign ownership from buying land in the country will also be removed under strict conditions.