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| Sunday, 29 January 2006 |
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BOI chief advocates more FDI for Lanka by Elmo Leonard US dollars 1 billion in foreign direct investment (FDI) into Sri Lanka was envisaged; $200 FDI in the past few years falling far short, chairman Board of Investment of Sri Lanka (BOI) Prof Lakshman Watawala said. Global foreign direct investment (FDI) for '04 stood at $600 billion, had grown from $200 billion in 1990 to $1600 billion in '02. India's FDI was $5.3 billion, Pakistan's 953 million and Bangladesh's $460 million; Sri Lanka must attempt to get a greater slice of global FDI by taking a look at where she is going wrong and where India was scoring, Watawala said at the 47th AGM of the National Chamber of Commerce of Sri Lanka (NCCSL). A great drawback for Sri Lanka is her lack of infrastructure and economical power generation and FDI for such projects will be encouraged, Watawala said. The expeditation of the Norochcholai and Trincomalee coal power plants, with Chinese and Indian involvement, respectively, was welcome. Watawala called for wider private sector participation for the recently begun 300 factories program launched under the BOI for which 12 NCCSL companies are involved. BOI will be flexible in its policy of capital needed and the number of employees if both components would grow with time. |
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