Country to secure US$ 2b foreign investment

by Shirajiv SIRIMANE

Sri Lanka is aiming to secure US$ two billion foreign direct investment to the country next year.

Minister of Investment Promotion, and MP Kurunegala District Anura P. Yapa said that despite a global financial crisis Sri Lanka secured nearly US $ 900 million last year. “This is a very impressive figure,” the Minister said.

Q: What is the forecast for 2010?

A: Sri Lanka will easily pass the US$ one billion mark which would be a historic and a record land mark figure this year. Many promotions too are currently being initiated.

Q: What are the advantages an investor could have when investing in Sri Lanka?

A: The investment friendly conditions offered by Sri Lanka backed by an intelligent and a knowledgeable workforce which is a tremendous advantage Sri Lanka has over other countries. In addition the expansion drive in Colombo Harbour and airport and the building of four new harbours and the second international airport will give an opportunity for investors to set up factories even outside Colombo where land and workforce would be easier to find.

In addition Sri Lanka has the best communication facilities in the region and with new power projects the country would be able to offer the cheapest electricity tariffs in the region. Private and public investment programmes have been implemented to improve the country’s basic infrastructure facilities, which today rank as the best in South Asia.

A foreign investor can either purchase or lease land for any proposed enterprise.

Q: What plans do you have for the North East?

A: With the ending of the war Sri Lanka diaspora who had left the country want to return. This includes many leading Tamil businessmen who are very successful overseas.

For this purpose we have opened a BoI regional office and the response is overwhelming.

Already The Merchant Bank of Sri Lanka (MBSL) is planning to construct a hotel in Nallur with an investment of Rs. 400 million.

We are in the process of setting up two new BoI zones in Jaffna and Kilinochchi.

Q: What are the developments that has taken place in Kurunegala?

A: Many large companies such as Micro Car and Slimline have set up factories in the area as the infrastructure and human resource component is very high.

There are also many agreements signed for new star class hotels in the district as there is a tremendous tourism potential in the area.

In addition since Kurunegala contributes with highest number foreign remittance by way of migrant workforce several housing projects initiated by the private sector are now in progress.

Many investors also prefer to invest in Kurunegala as it is located closer to the airport and the Port.

In addition the improved road network too is another attraction.

There are also two BoI zones in Mawathagama and Polgahawela which house several large factories.