Sri Lanka’s new leaders going on bended knees to China: MR
ECONOMYNEXT – Ex-President Mahinda Rajapaksa said Sri Lanka new leaders were going on bended knees after China because no investment was coming to the country.
"Even though this government claims that they have won over the whole world, no foreign investment is coming in," Rajapaksa said in prepared text of a speech delivered on September 15.
"The yahapalanites (good governance activists) called China an economic predator. Yet now they are going to China on their bended knees (sic).
"Now they are praising the Port City, Hambantota port and airport. The only worthwhile investment taking place even now are the infrastructure projects that my government initiated."
Sri Lanka failed to attract large volumes of foreign direct investments after the end of a war in 2009 with rising corruption, lack of rule of law and expropriation scaring private investors away.
The current administration had also slapped retrospective taxes shocking domestic and foreign investors and imposed price controls, displaying their economic management skills to the entire world critics say.
However rule of law and many freedoms have improved with judicial independence being gradually restored.
But foreign investors have been slow to come. There has also been a spate of corruption allegations. (Colombo/Sept15/2016)