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.