Sri Lanka strives to hit the US$2 bln FDI target this year
Sri Lanka is aiming for Foreign Direct Investment (FDI) of around US$2 billion by this year, having so far received $540 million up to June, up by 20 per cent from the same 2012 period, Board of Investment (BOI) officials said.
The country fetched $1.2 billion in FDI last year and expects an increase this year with investments coming from strategic development projects and country wise investments mainly from China India and Hong Kong, BOI Chairman Dr. Lakshman Jayaweera revealed to the Business Times.Project-wise the investments came from a number of tourism sector projects, manufacturing projects, and mixed development projects.
He said more tourism and mixed development projects along with heavy industry zones, telecommunication, ICT and thermal power that will help achieve the $2 billion are expected in the third and fourth quarters of the year.
Meanwhile Minister of Investment Promotion Lakshman Yapa Abeywardena told reporters that the Colombo International Container Terminal was the largest investor in the first half of this year from China and Hong Kong with $116.7 million, followed by Cairn Lanka Pvt Ltd, an oil explorer with $29.4 million.
MAS Fabrics (Pvt) Ltd invested $25.5 million from Hong Kong and Krrish Transworks Colombo Pvt Ltd $20.01 million from India.
Speaking to reporters to announce the launch of a BOI online portal for investors to submit applications making it easier, he said foreign investors have invested $203 million in infrastructure, $125 million in manufacturing, $117 million in services and $4 million in agriculture sectors.
He disclosed that Sri Lanka will also sign a Free Trade Agreement (FTA) with China in November this year.
Discussions on negative lists are underway and China has agreed to give 100 per cent tax exemptions for some Sri Lankan export products but the items have not been finalised as yet, he noted.
He expressed the belief that the FTA would be signed ahead of the Commonwealth Heads of Government Meeting (CHOGM), which will be held in mid-November
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