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Sirisena - will not allow foreign investments at cost to local industries

The Sri Lankan president, Maithripala Sirisena on Monday pledged to protect local industries, stating he would not allow any Foreign Direct Investment at their detriment. 

Making these comments at a meeting with ministers and industry leaders, Mr Sirisena said he had given instructions to the Board of Investment of Sri Lanka to not allow any foreign investment that would be a challenge to local industries. 

He was paying his attention "regarding the difficulties faced by local businessmen due to the granting of permission to a foreign retail networks to engage in business in Sri Lanka", he was quoted by Colombo Page as saying. 

Mr Sirisena said a "precise policy for the economy could only constructed when local businesses and local industries are strengthened", the paper reported.