Sri Lanka targets US $ 3bn FDI this year
Expects big-ticket investments for Megapolis project, strategic tourism projects
SL achieved US $ 2.3 billion in FDI in 2018—the highest figure the country ever achieved
Several sovereign wealth funds have already explored investments opportunities
Eyes 70th place on the World Bank’s Ease of Doing Business Ranking by 2020
Sri Lanka is hoping to attract US $ 3 billion in foreign direct investment (FDI) this year, eyeing big-ticket investments for the much touted Megapolis project and strategic tourism projects.
Development Strategies and International Trade Minister Malik Samarawickrama at an event last Friday said the government signed a US $ 200 million agreement with Dubai-based Essar group for a mixed development project in Battaramulla as a public-private partnership.
Sri Lanka achieved US $ 2.3 billion in FDI in 2018—the highest figure the country ever achieved.
Samarawickrama also revealed that several sovereign wealth funds have already explored investment opportunities in the Megapolis project, as well as strategic tourism projects.
“We welcomed two delegations of Sovereign Wealth Funds last year, including from the Investment Corporation of Dubai, Temasek International of Singapore, Khazanah Malaysia, and the Kuwait Investment Authority.
During these visits, they explored opportunities in the Megapolis project, as well as strategic tourism projects,” Samarawickrama said.
Meanwhile, he said he was pleased to see a respected company such as Essar showing investment interest in the Megapolis project, and invited other Dubai-based companies to make investments in Sri Lanka.
“We have many opportunities ranging from energy, to transport infrastructure, to high-end manufacturing, and tourism.
“Combined with our excellent geographic location and pro-business policy environment, I am sure you will be able to uncover lucrative investment opportunities in Sri Lanka,” he said.
Meanwhile Samarawickrama said Sri Lanka is eying to reach the 70th place on the World Bank’s Ease of Doing Business Rankings by 2022.
In the 2019 index, Sri Lanka jumped eleven places to be ranked at 100 among 190 nations with improvements in paying taxes, enforcing contracts, and improving transparency.
Last year, the BOI introduced the ‘SWIFT’ online portal for investor applications and investor approvals, connecting dozens of regulatory agencies and other authorities with just a few clicks.