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Message: <blockquote data-quote="monson" data-source="post: 24266987" data-attributes="member: 30005">Goverment disallows foreign construction firms fully undertaking State-funded projectsSri Lanka will ban foreign construction companies undertaking government projects without a partnership with a local entity, unless the project is fully financed by foreign parties.“To support the local construction companies, no foreign construction company will be allowed to tender for Government projects, unless the project is fully foreign financed, without forming a joint venture with a local construction or consultancy company,” Finance Minister Mangala Samaraweera announced yesterday. He said the government wants local companies to benefit from the transfer of technology by forming partnerships with foreign construction firms. The minister also proposed to revive the local construction contractors who have been hit by high costs mainly due to high taxation. He proposed to reduce cess on imported construction material by 30 percent and to remove the Nation Building Tax (NBT) on the main construction contractor. More: <a href="http://www.dailymirror.lk/business-news/Goverment-disallows-foreign-construction-firms-fully-undertaking-State-funded-projects/273-163402" target="_blank">http://www.dailymirror.lk/business-news/Goverment-disallows-foreign-construction-firms-fully-undertaking-State-funded-projects/273-163402</a></blockquote>

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