Economic Transformation Act 2024 · As enacted · Part II
37. National treatment and most favoured nation treatment
Official English translation. The Sinhala text prevails.
Official translationFrom Department of Government Printing, unchanged
Foreign investments and returns on investments of foreign investors shall be accorded treatment not less favourable than that accorded to domestic investors, in like circumstances, as regards acquisition, expansion, management, conduct, operation, and sale or other disposition of investments.
For greater certainty “in like circumstances” shall be assessed based upon an objective assessment of all circumstances on a case-by-case basis, including the sector of investment, the location of the investment, the purpose of any act or measure complained of and the regulatory, governance or legal process generally applied in relation to the act or measure concerned. The assessment shall not be limited to or biased towards any one factor.
A foreign investor shall not be discriminated in any form, in like circumstances, including but not limited to their citizenship, residency, religion, place of registration or the state of origin of the investment.
The provisions of subsections (1) and (2) shall not be construed to oblige Sri Lanka to extend to the foreign investors and foreign investments, the benefit of any treatment, preference or privilege resulting from-
any existing or future customs, economic or monetary union, free trade area or similar international agreements to which Sri Lanka is or may become a party in the future;
any international agreement or arrangement or any domestic regulation, wholly or partially related to taxation;
any bilateral agreement in force or entered into in the future; or
any sectors or services that are exclusively reserved to nationals in accordance with the laws of Sri
Lanka.