11 Japanese, 76 Chinese stalled projects to resume in Sri Lanka
The Morning: The government has made efforts to restart 11 Japanese government projects and 76 Chinese government projects that were previously halted, a statement released by the President’s Media Division (PMD) quoting President Dissanayake said recently.
“Due to the government’s economic policies, efforts have been made to restart 11 economically significant projects that were previously halted by the Japanese government, as well as 76 projects that had been suspended by the Chinese government,” the PMD statement quoting President Anura Kumara Dissanayake said.
Dissanayake made these remarks speaking at the 26th anniversary of the Chamber of Young Lankan Entrepreneurs (COYLE), according to the statement.
The statement further added that Dissanayake said that this year’s budget has been designed to create a more dynamic and flexible economy, “replacing the stagnant economic conditions of the past.”
“The President noted that allowing greater economic mobility would enable the country to achieve a certain level of development. Accordingly, the budget has been structured in a way that does not cause major economic shocks,” the statement said.
Dissanayake also emphasised that the current government remains sensitive to economic decision-making, ensuring that policies do not place an unbearable burden on the Sri Lankan Rupee, it added.
The statement said that he acknowledged that certain decisions had to be made in alignment with recommendations from the International Monetary Fund (IMF).
OSL take:
Sri Lanka’s development programme has presented a host of business/investment opportunities. The recommencement of the stalled development projects with foreign funding is also an indication of the overall growth and expansion of the country’s economy. While there is an overall growth in business/investment opportunities in Sri Lanka’s key economic sectors, the foreign funded development projects in partnership with the Sri Lankan government presents many business opportunities for foreign businesses on the lookout for ventures in Sri Lanka. Given that Sri Lanka is on a path to becoming a hub in the South Asian region supported by the country’s geographical positioning in the Indian Ocean, strong trade ties and the improving ease of doing business environment in the country, it is evident that there’s a steady increase in Sri Lanka’s business potential as well. With Sri Lanka presenting a steadily expanding business/investment opportunities with increased interest being shown by foreign businesses/investors, the country’s development programme presents many direct and indirect opportunities. Foreign businesses could also look at forming partnerships or joint ventures with local businesses, given the strength and growth of Sri Lanka’s private sector, with the aim of further expanding operations.
| Article Code : | VBS/AT/20250320/Z_1 |