Sri Lankan government records US$ 465 million FDIs exceeding initial targets in the first three months this year

Sri Lankan government records US$ 465 million FDIs exceeding initial targets in the first three months this year

The Sri Lankan government has recorded US$ 465 million in foreign direct investments (FDIs) to the country in the first three months of the year, exceeding the target of US$ 315 million for the first quarter of 2018.
The country has also hit a high with exports reaching an estimated US$ 3 billion.
International Trade and Development Strategies Minister Malik Samarawickrema has told reporters that the FDI target for the first quarter was US$ 315 million, but this was successfully overreached by the Board of Investment (BOI).
The Minister has rejected statements that the US$ 1.9 billion FDI target achieved in 2017 was due to the Hambantota harbour long-term lease.
He has told the media that US$1 billion had come from the approval of a Chinese-funded LNG power terminal for the Hambantota economic zone. An uptick in manufacturing sectors had also bolstered FDI number, he has been quoted as saying in the media.
“These statistics show that the policies this Government has taken are correct. Last year, we achieved a record investment of $1.9 billion and this year, we expect it to increase to about $2.5 billion. In the first quarter of this year, our targets have already been exceeded, which gives us confidence that the target for 2018 will be met,” Samarawickrema has said.
According to the Minister, the government would continue to improve the business climate for exporters and investors so that the economy could continue to grow.

OSL take:

The Sri Lankan government has exceeded the FDI targets set for the first quarter of 2018 and given the current economic conditions coupled with the government’s development agenda, the FDIs to the country for this year is likely to see an increase. The growing investor confidence in Sri Lanka, the ease of doing business environment in the country and the made trade treaties held by the island nation would make Sri Lanka and ideal investment destination for foreign businesses/investors.

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Article Code : VBS/AT/10052018/Z_2

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