Foreign Minister Ravi Karunanayake stated that foreigners will not be sold land outright, and will be offered 99-year leases.

Speaking at the Parliament today, he said that this was the same arrangement that has been worked out in the Port City.

The budget proposals have removed certain limitations which were applicable for foreigners in investing in the country. Thereby, taxes were removed for leasing land to foreigners. They will also be allowed to invest in Sri Lanka through regular banking channels.