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222 QUANTIFICATION OF BENEFITS FROM ECONOMIC COOPERATION IN SOUTH ASIA Sector/Sub-sector Limitations on Market Access Limitations on National Treatment (e) Engineering services (1) Unbound (1) Unbound for building infrastruc- (2) None (2) None tures: harbours, dams, (3) (i) Maximum of 51% foreign shareholding in (3) None hydel power, and engineering consultancy companies; (4) Unbound airports, only (CPC No. (ii) Subject to partnership and/or joint venture with 8672) Pakistani engineers or engineering companies. (4) Unbound except as in the horizontal section (f) Integrated engineering (1) Unbound (1) Unbound services (CPC No. (2) Unbound* (2) Unbound 8673) (3) (i) maximum of 51% foreign shareholding in (3) None engineering consultancy companies; other than (4) Unbound, except as in the those registered with the securities and exchange horizontal section commission of Pakistan (ii) Subject to partnership and/or joint venture with Pakistani engineers or engineering companies; other than those registered with the securities and exchange commission of Pakistan (4) Unbound except as in the horizontal section 3. Construction and Related engineering Services B. Construction Work (1) None (1) None for civil Engineering (2) None (2) None for bridges, elevated (3) (i) As in measures applicable to horizontal (3) None highways, tunnels commitments (4) Unbound and subways (CPC (ii) Subject to partnership and/or joint venture with 5132) Pakistani engineers or engineering companies. (4) Unbound except as in the horizontal section Construction Work (1) None (1) None for Civil Engineering (2) None (2) None for Waterways, har- (3) (i) As in measures applicable to horizontal (3) None bours, dams and commitments (4) Unbound other waterworks (CPC 5133) (ii) Subject to partnership and/or joint venture with Pakistani engineers or engineering companies. (4) Unbound except as in the horizontal section 5. Educational Services C. Higher Education (1), (2) and (3) None (1), (2) and (3) None Services (CPC 923) (4) Unbound except as in the horizontal section (4) Unbound except as in the excludes public funded horizontal section institutions (1), (2), (3), (4) subsidies unbound D. Adult Education (1), (2) and (3) None (1), (2) and (3) None (CPC 924) (4) Unbound except as in the horizontal section (4) Unbound except as in the horizontal section (1), (2), (3), (4) subsidies unbound E. Other education (1), (2) and (3) None (1), (2) and (3) None Services (CPC 929) (4) Unbound except as in the horizontal section (4) Unbound except as in the horizontal section (1), (2), (3), (4) subsidies unbound 9. Tourism and Travel related Services A. Hotels and restaurants (1) None (1) None (including catering) (2) None (2) None (CPC 614-643) (3) None (3) None (4) Unbound except as in the horizontal section (4) Unbound except as in the horizontal section B. Travel agencies and (1) None (1) None tour operator services (2) None (2) None (CPC 7471) (3) None (3) None (4) Unbound except as in the horizontal section (4) Unbound except as in the horizontal section Source: WTO Document No TN/S/O/PAK, 30 May 2005.
APPENDICES 223 Horizontal and Sector Specific Commitments Table A12.3 Sri Lanka’s Uruguay Round Commitments Sector/Sub-sector Limitations on Market Access Limitations on National Treatment All sectors included in this schedule (3) Foreign Investment: Certain limitations, conditions and qualifications pertain specifically to some forms of commercial presence by foreign enterprises, as indicated below: (a) Foreign investors may invest in any sector of the economy other than the following activities, which are reserved for citizens of Sri Lanka: (i) Moneylending; (ii) Pawn brokering; (iii) Retail trade with a capital of less than US$1 million; (iv) Businesses providing personal services other than for export of tourism; and (v) Coastal fishing. (b) The foreign investment law applicable to foreign investors is the Greater Colombo Economic Commission (GCEC) Law No. 4 of 1978, as amended to date, presently known as the Board of Investment of Sri Lanka (BOISL) Act by G.C.E.C. (Amendment) Act No. 49 of 1992 (referred to as “the Law”), supplemented by: (i) BOISL Regulation No. 1 of 1978, as amended to date; and (ii) BOISL Regulation No. 1 of 1991. (c) The BOISL is responsible for the approval and facilitation of foreign investment throughout the country, other than for investments made by purchasing shares in the Colombo Stock Exchange, or for investments in a number of activities, which are regulated by other Statutory Agencies, including the following: (i) Banking; (ii) Financial institutions; (iii) Insurance; (iv) Trading services on the Colombo Stock Exchange; (v) Air transportation; (vi) Coastal shipping; (vii) Branch or Liaison Office of companies incorporated outside Sri Lanka; (viii) Lotteries. (d) Foreign investment of up to 40 per cent of equity in a company proposing to carry on a business activity listed below other than those listed above will be automatically approved by the BOISL. Foreign investment in excess of 40 per cent (and up to 100 per cent) in a company proposing to carry on a business activity listed below other than those listed above will be approved by the BOISL on a case-by-case basis in consultation with the relevant State Agencies. This situation will be reviewed every two years with the aim of further simplification. The relevant sectors are the following: (i) Construction and residential buildings; (ii) Mass transportation; (iii) Telecommunications; (iv) Mass communications; (v) Education; (vi) Professional services; (vii) Freightforwarding; (viii) Travel agencies; (ix) Shipping agencies. (e) If a foreign investor wishes to locate his/her enterprise outside any Export Processing Zone, he/she can either purchase or lease land suitable for his/her enterprise. If a foreign individual buys land, he/she will be liable to pay a tax at 100% of the purchase price. However, if a foreign investor incorporates a company in Sri Lanka under the Companies Act and buys the land in the name of the company, there will be no liability or such tax even though the shareholders of the company are foreign nationals, because a company incorporated in Sri Lanka under the Companies Act is deemed to be equivalent to a citizen of Sri Lanka for the purpose of this tax.-Joint venture. In relevant sectors when a joint venture partner is a public sector enterprise or a government undertaking, while granting access, preference will be given to foreign service suppliers/entities, which offer the best terms for transfer of technology. Contd . . .
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QUANTIFICATION OF BENEFITS FROM ECO
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QUANTIFICATION OF BENEFITS FROM ECO
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Preface Our consultations with seni
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viii CONTENTS 7. Revenue and Welfar
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Executive Summary OBJECTIVE This st
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Part I BENEFITS FROM TRADE, INVESTM
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2 Literature Review and Rationale f
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6 Impact of SAFTA on Member Countri
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8 Impact of SAFTA on Inward and Out
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Page 258 and 259: Appendix 15 REFERENCE PAPER Scope T
Page 261 and 262: Bibliography Abelson, P. (1996),
Page 263 and 264: BIBLIOGRAPHY 241 Cuba (2002), Negot
Page 265 and 266: BIBLIOGRAPHY 243 (2004), Impacts of
Page 267 and 268: BIBLIOGRAPHY 245 Silva, Patricia an
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