Investment inflow up 20 percent-Minister Yapa Abeywardane

by Naalir Jamaldeen

Sri Lanka is fast becoming a preferred destination for foreign investors. It is now a fast developing country. The tourism sector also recorded substantial growth last year. Infrastructure development is in progress. Over 70 percent of the infrastructure work has already been completed, Investment Promotion Minister Lakshman Yapa Abeywardane said. There is a highly competitive environment for doing business in Sri Lanka which has been ranked 81st out of 185 countries, according to Board of Investment (BOI) sources.

The Minister said investment inflow has increased by 20 percent within the six months from January to June. During this period, US$ 540 million worth of foreign investments have come to Sri Lanka. Accordingly, US$ 174.35 million have been invested on the manufacturing sector while US$ 2.59 million and US$ 79.05 million have been invested on agriculture and service sectors. US$ 284.2 million have been invested on infrastructure development alone, the Minister said.

China, Hong Kong, United Kingdom, India, the Netherlands, UAE, Canada, Malaysia, Japan, Singapore and Germany are among the investors, he said. The Minister said the BOI has granted approval to some other projects which are to be carried out by foreign investors.

Cabinet approval has been given to two main investment projects such as the Water Front project which will invest US$ 850 million while providing 3,000 direct jobs.

Lanka Leisure Holdings Pvt Ltd will implement a resort project at D.R. Wijewardene Mawatha at a cost of US$ 350 million while providing 2,600 direct jobs. These projects are expected to be completed within five years. All arrangements have been made to get the approval of Parliament by early October, the Minister said.