Naked Truth

Visiting Singaporean Premier asked Sri Lanka to come up with an overall competitive package and not just incentives, if it wants to lure foreign investors.
“Sri Lanka is a good place to invest in, but it is not the only place,” Prime Minister Goh Chok Tong, told a gathering of local business people in Colombo on Friday.rn

rnSri Lanka, he says, is jostling for attention, fighting head on with more competitive countries like China, India and Vietnam.rn

rnHe points out that while China does not offer many incentives, it is a preferred investment destination in Asia.rn

rn”China offers a total competitive package in terms of land and labour. Its labour-investor relations are also very good.”rn

rnSri Lanka needs to formulate an optimum competitive package that takes in to account the total investment climate ranging from taxes to labour relations to internal stability, he advised.rn

rnCorporate taxes, he pointed out, are coming down with Singapore looking at bring it down to 20 percent and Hong Kon