Sri Lanka achieves highest-ever FDI in 2017
View(s):Foreign Direct Investment (FDI) into Sri Lanka grew to over US$1.63 billion in 2017, doubling from the $802 million achieved the previous year. The Board of Investment (BOI), the agency tasked with promoting and facilitating FDI, in a media statement said 2017 investments surpassed the $1.61 billion in 2014.
The strong growth is a direct consequence of the Government’s reorientation of economic policy towards investment and export driven growth, rather than debt-funded public infrastructure spending. The highest FDI came from China, followed by Hong Kong, India and Singapore.
“The outstanding FDI results have been achieved due to the hard work, talent and dedication of our investment promotion and facilitation teams as well as the pro-investor policy framework of the government to support both local and foreign investors,” BOI Director General Duminda Ariyasinghe was quoted as saying.
The release said over the past two years, the BOI has targeted both new investors, leveraging the country’s strengths and advantages, as well utilising existing investors to increase reinvestments and to utilise their external networks to bring in new investors in sectors such as export-oriented manufacturing. The agency has focused on fast and transparent decision-making.
Minister of Development Strategies and International Trade Malik Samarawickrama says that the country’s target was to achieve $5 billion in FDI by 2020 and they were confident of reaching this target.