Sri Lankan government receives US$ 2.37 billion FDIs in 2018 recording a 38 percent increase from previous year
Sri Lanka’s state investment promotions agency, the Board of Investment (BOI) has noted that the country has received US$ 2.37 billion of foreign direct investment (FDI) in 2018, which is a 38 percent from US$ 1.78 billion a year earlier.
Director General of the BOI, Champika Malalgoda has been quoted as saying in the local media that the original target for 2018 was US$ 2.5 billion.
In 2019, Sri Lanka is targeting foreign investments amounting to US$ 3 billion.
“I am sure we can achieve this target with the projects in the pipeline,” Malalgoda has told journalists.
The 2018 FDI was the highest received in a single year, Malalgoda has further noted
Out of US$ 17 billion of FDI realized since the BOI was set up in 1978, US$ 5.8 billion or 34 percent had come after 2015, the official has added.
According to Malalgoda, on March 24, construction is to begin on an oil refinery in Mirijjawela, off Hambantota port, involving an investment of US$ 3.85 billion.
The FDI is expected to be realized over the next four years.
OSL take:
The announcement by Sri Lanka’s BOI on receiving US$ 2.37 billion FDIs in 2018 recording a 38 percent increase from last year is indicative of the potential for business in Sri Lanka for foreign businesses/investors. The development agenda launched by the government along with the many policies adopted to improve the ease of doing business environment in the country have had a positive impact on Sri Lanka’s economy. Therefore, foreign businesses/investors could explore business/investment opportunities in Sri Lanka with confidence.
| Article Code : | VBS/AT/21302019/Z_7 |