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| Sunday, 8 January 2006 |
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Business |  |
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President
secures $564 m FDI from India
President Mahinda Rajapakse was able to secure US$ 564 million worth of Foreign Direct Investments (FDI) to Sri Lanka during a recent visit to India. Enterprise Development and Investment Promotion Minister Rohitha Bogollagama told the media that among the firm proposals received were for a coal fired power plant by National Thermal Power Corporation for US$450 million, South Asia Petro Chemicals US$ 75 million, Advance Group of Companies for the manufacture of Super phosphate for local agriculture using local rock phosphate US$ 15 million, Taj Group Refurbishment and modernisation of hotels in the country US$ 8 million and Rajshree Sugar and Chemicals Ltd refining raw sugar into white sugar US$ 16 million. The other project proposals discussed included a proposal by Bharat Earth Movers Ltd for the refurbishment of railway carriages and a proposal by Oil and Gas Corporation of India for exploration of oil with the CPC. A Memorandum of Understanding was signed by the chairman of the BOI Prof Lakshman R. Watawala and Chairman Confederation of Indian Industry (CII)Subodh Bhargava. It was initiated by the Ceylon Chamber of Commerce. "This will open new avenues of investment between the two countries," the minister said. The CII is the premier business association in India incorporating the largest 5,000 companies from various sectors and services. It also has 48 branches all over India. The prime objective of the MoU is to promote investment relations between Sri Lanka and India. "We want India to consider Sri Lanka as the best location for their investments," he said. Minister Bogollagama said that the present tension in the North East has not had any negative impact on attracting investors. "We have gone through this earlier and there were investments made even during the height of the war," he said. SG |
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