Sri Lankan government to approve about US$ 2.7 billion worth projects in the country by June this year
Sri Lanka’s International Trade and Investment Minister Malik Samarawickrema has informed parliament that Sri Lanka has approved US$ 1,348 billion of foreign investment projects up to April 2018.
The Minister has also noted that by June about US$ 2.75 billion of projects including two LNG power plants will be approved.
“Both India and Japan will invest in these projects,” he has been quoted as saying.
Approved investments usually come into the country over several years as the projects are constructed.
The Minister has said Sri Lanka was planning to get US$ 2.5 billion of investments in 2018, up from US$ 1.9 billion last year, which was the highest in the country’s history.
According to Samarawickrema, up to April the country was ‘on track’ to get US$ 2.5 billion of investments.
“In 2018, the Board of Investments (BOI) has approved projects up to a value of US$ 1.348 billion for the last four months. In the next one and half months, before 30th of June, there will be FDI projects worth US$ 1.4 billion that will be approved by the BOI,” Samarawickrema has reportedly added.
The statement by Sri Lanka’s Minister of International Trade and Investments to parliament indicates the increase in the level of confidence foreign businesses/investors have on Sri Lanka. The inflow of foreign investments in to the country also indicates the many investment opportunities available in the country. The Minister earlier noted that Sri Lanka was planning to get US$ 2.5 billion of investments in 2018. Given the current economic indications as well as economic trends in the country, Sri Lanka is definitely a business destination worth entering.
|Article Code :||VBS/AT/24052018/Z_2|