 Sri Lankan President Maithripala Sirisena has said, his government would not allow the foreign direct investments (FDI) at the cost of local industries.
Presiding over a meeting to discuss concerns of local industries, Mr Sirisena gave instructions to the Board of Investment not to allow any foreign investment that would be a challenge to local industries.
He pointed to the difficulties faced by local businessmen due to the granting of permission to a Chinese retail network to engage in business in Sri Lanka.
Local retailers had opposed the decision and met the President to air their grievances.
They had threatened to carry out protests it their demands are not met.
President while agreeing to their demands, mentioned that strengthening local industries is important when providing benefits to the masses.
The move comes as the President is increasingly taking economic decision making in his hands trying to sideline Prime minister Ranil Wickremsinghe, who holds a liberal economic view.
Mr Sirisena has formed National Economic Council under his command to decide upon key economic matters.
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