Govt. expects US$2.5 bn FDI this year: Eran

The government was expecting US$ 2.5 billion Foreign Direct Investment (FDI) by the end of this year, State Minister of Finance Eran Wickramaratne said.

Speaking at a media briefing at ‘Sirikotha’ yesterday, he said the highest ever unexpected FDI of US$ 1.9 billion was recorded in 2017 in the Sri Lankan history.

“We hope to increase the last year record to US$ 2.5 billion worth FDI this year and it had to be compared with countries such as Singapore, Vietnam, Taiwan and Thailand.

Their FDIS were US$ 77 bn, US$ 12bn, US$ 9bn and US$ There is a procedure to protect the local industries and those procedures (Trade Adjustment Package (TAP) will be implemented according to an order. We will provide machinery equipment at concessionary price to protect the local industries 5 bn respectively, however, our FDI was US$ 1.9 billion” he said.

These countries had moved forward their economy with Free Trade Agreements (FTA) by opening up the economy.

The population in this country is 21 million and they should be provided with high quality goods and services. Those services should be provided at low cost. As a government, we implement our policies while considering the consumers with the lowest income.

“There is a procedure to protect the local industries and those procedures (Trade Adjustment Package (TAP) will be implemented according to an order. We will provide machinery equipment at concessionary price to protect the local industries,” the State Minister added.