FDIs to Sri Lanka doubles to US$ 1.63 billion in 2017 with China being the top investor with Port City project
Sri Lanka’s Board of Investments (BoI) has reportedly stated that foreign direct investments (FDIs) into Sri Lanka has doubled to US$ 1.63 billion in 2017, which is an increase from US$ 802 million a year earlier.
The BoI has noted that China has been recorded as the top investor in Sri Lanka in 2017.
The Board has further noted that strong growth has been witnessed in export manufacturing (up 27 percent) services including tourist and information technology (up 50 percent and infrastructure (up 190 percent).
The investment flows to Sri Lanka have come from China, followed by Hong Kong, India and Singapore.
According to reports, a US$ 1.4 billion sea reclamation project by China Harbhour Engineering Company is China’s flagship project in Sri Lanka. China has also bought into a port in Hambantota, with a part payment coming last year with the balance due in 2018.
Minister of Development Strategies and International Trade Malik Samarawickrema has been quoted as saying that Sri Lanka was targeting US$ 2.5 billion in FDIs next year.
“This is not a time for complacency but renewed focus to use the momentum to strengthen reforms to improve our Ease of Doing Business ranking, and efforts to attract high-quality investors from countries we have renewed bilateral relationships with,” Samarawrickrema has said in a statement.
The notable increase in FDIs to Sri Lanka in 2017 and the target of US$ 2.5 billion in FDIs in 2018 are positive signs on the increase in business and investor confidence on the island nation. With China, Hong Kong, India and Singapore heading the list of investors to Sri Lanka in 2017, more investors are likely to explore investment opportunities in Sri Lanka. Investors from other countries looking at the developments in Sri Lanka will also be compelled to seek investment opportunities in the island nation.
|Article Code :||VBS/AT/20180130/Z_1|