Sri Lanka: Foreign direct investments should not be encouraged in certain industries

The cabinet of ministers of Sri Lanka has recently announced new regulations regarding foreign direct investments (FDI), according to media reports. Cabinet spokesman Keheliya Rambukwelle said that the new regulations will not affect ongoing foreign investment and will not be retrospective.
 
The cabinet stated that foreign direct investments should not be encouraged in small-scale agricultural industries, steelmaking and retail trade, in order to protect domestic investors. However, Sri Lanka wants to encourage foreign investment in assembling vehicles, refining petroleum products, and manufacturing boats for the export market.