Sri Lanka attracts foreign direct investments worth US$ 370 million in first two months of 2020
Sri Lanka’s Industrial Export, Investment Promotion, Tourism and Aviation Minister Prasanna Ranatunga has reportedly said the country has attracted US$ 370 million in foreign direct investments (FDIs) during the first two months of 2020.
“After the appointment of the present Government in November last year, we have received many fresh applications for several new tourism-related projects. During the last two months, we have received applications which altogether amount to US$ 370 million worth of projects,” Minister Ranatunga has told the Daily FT.
Accordingly, this US$ 370 million in FDIs includes the US$ 250 million mixed development project by Shangri-La to build an apartment and shopping complex along Baladhaksha Mawatha in Colombo 2 (the site is behind the existing Shangri-La Hotel and One Galle Face Mall).
The Minister has also pointed out that there were major hotel projects; including the construction of 550 new rooms and 400 new villas and that the Ministry is in the process of expediting the necessary steps to grant approval to these projects.
Also, two other major investments in the tourism sector were being discussed with the BOI expecting an investment of US$ 23 million from those projects.
The government of Sri Lanka has given priority to attracting foreign direct investments to the country along with the expansion of the country’s economy. Sri Lanka’s geographical positioning in the Indian Ocean, the ease of doing business environment in the country and the many trade agreements as well as trade concessions enjoyed by the country have made it an attractive business destination in the South Asian region. Foreign businesses/investors could therefore confidently explore business/investment opportunities in Sri Lanka.
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