Govt confident of achieving $ 2 billion FDI target

by Uditha Kumarasinghe

Investment Promotion Minister Lakshman Yapa Abeywardena said that the Government is confident that it could to reach the US$ 2 billion target in Foreign Direct Investments (FDI) to Sri Lanka by the end of next month. The Government has already received US$ one billion in FDIs.

Sri Lanka attracted US$ 1.2 billion in FDIs last year following the eradication of terrorism which has facilitated significantly

the FDI inflow into the country. Therefore, the Government is confident of attracting US$ 2 billion in FDIs this year. The Board of Investment of Sri Lanka (BOI) will sign agreements with several foreign investors on the sidelines of CHOGM for the purpose, the Minister told the Sunday Observer yesterday.

The Minister said the Commonwealth Business Forum (CBF) at the Cinnamon Grand from November 12 to 14 was represented by over 540 international participants. The highest participation of 138 to the CBF was from the UK. In addition the CBF was also represented by 85 Chinese, 77 Indians, 34 Pakistanis, 31 Bangladeshis, 25 Australians, 22 Nigerians, 18 Malaysians and 16 US participants.

The CBF provided a good opportunity to Sri Lanka to explore new investment opportunities and further build investor confidence.

The Ministry has identified five major areas of investments such as information technology, tourism, infrastructure, agriculture and education. The Ministry has already obtained Cabinet approval for 53 investments under five categories.

The Cabinet has already given approval to acquire land for these projects. Therefore, investors who visit Sri Lanka on the eve of CHOGM would not face any difficulties as the Ministry has guaranteed to provide them all facilities, he said.