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Sunday, 22 March 2015

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'Mega projects suspension may impact FDI inflow'

The business community has raised concern over the government’s decision to delay on-going foreign-funded mega investment projects, as it may have an adverse impact on investor confidence and FDI inflow.

When Sunday Observer Business contacted the Ceylon Chamber of Commerce on this issue, an official said that having a prudent and transparent mechanism with a consistent policy framework is important for Sri Lanka to move forward.

The official said that he believes that Sri Lanka needs to adopt an export-oriented private sector-lead development strategy driven through FDIs to achieve developmental goals.

"We as a Chamber have no preference or discrimination against any particular country or investor.

We also believe that such FDI and other economic transactions should flow in a transparent manner meeting the priorities of Sri Lanka," he said. Invariably, compliance with the laws of the land, environmental and economic feasibility and prioritisation in line with Sri Lanka's development goals become essential prerequisites of any such investment.

There is criticism among a cross-section of society, that some of the investment projects that were launched in the past did not meet some or most of such criteria and information pertaining to the projects were not available or known to many."

As a Chamber, we are not privy to the detailed information of the projects and, therefore, it is not possible for us to take any position, with regard to the projects," the official said. It is upto the project proponents and the authorities to be transparent, expeditiously deliberate on the economic, environmental and other requisite information and prudently review the projects addressing shortcomings, if any and move forward, clearing any doubts.

The system should be streamlined to provide transparency and viability of such projects, before launch, moving away from accommodating unsolicited bids and accepting them without due diligence. "We are confident that creating such a transparent and prudent mechanism or system, under a stable policy framework would attract the much needed FDI and investor confidence, for Sri Lanka to achieve its developmental goals.

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