Soros presence seen boosting more foreign investment
George Soros at the Forum. Pic by Indika Handuwala
Billionaire investor and philanthropist George Soros is keen to invest in Sri Lanka and contemplating initially US$300 million as he has confidence in the government and several business leaders with international connections, sources close to the Hungarian-American business tycoon told the Business Times.
The Soros Fund Management (SFM) team is evaluating the pros and cons in investing in Sri Lanka in accordance with their chief’s investment philosophy built on a scientific method combined with a focus on social change.The SFM is looking at potential investments in renewable energy, especially solar power, tourism, IT education and health sectors in the island on Soros’ directions.
Mr. Soros, ardent supporter of strong climate action, expressed optimism on Sri Lanka’s solar energy potential on the sidelines of the Sri Lanka Economic Forum, these sources revealed. The Economic Forum has set the stage for an in-depth analysis and discussion of the need to develop government policy along identified areas of economic importance this week.
It will pave the way towards attracting at least US $300 million in Foreign Direct Investment (FDI) from Soros’ funds in the first half of this year; a senior official said adding that it is a miniscule amount of Soros wealth estimated at over $27 billion.His investing acumen, vast networth and political activism has made him a power broker worldwide, he added.
Soros presence in Sri Lanka alone would attract top international investors to the country which is in urgent need to kick start the economy, he stressed. The George Soros Foundation is one of the main investors in leapfrog investments, and that is why he has suggested Sri Lanka to leapfrog from agriculture based economy to knowledge based one when he addressed the Economic Forum, the official said.