Sri Lankan government targeting US$ 5bn annual FDIs through economic delivery programme
The government of Sri Lanka is reportedly looking at increasing foreign direct investment (FDIs) to US$ 5 billion per year under a three year economic delivery programme.
Prime Minister Ranil Wickremesinghe has revealed to parliament last week the economic policy statement ahead of the budget 2018.
He has said the government has intentions of raising the per capita income of individuals to US$ 5,000 per year.
Wickremesinghe has said the government also plans to double the exports to 20 billion dollars per year while creating one million new jobs.
“To kick-start this transformation, we will implement a comprehensive economic strategy over the next three years,” Wickremesinghe has told the House.
The Prime Minister has said discussions are being held to launch a joint venture in Mattala Airport and started working on Hambanthota economic zone.
“Millaniya Trade Zone has been planned already. Wayamba Industrial Zone has also been planned. The constructions of those zones will commence next year,” the Premier has said.
He has noted that tourism zones in the Southern have been planned and acquisition of lands is taking place now. Budget 2018 which will accelerate these programmes will be presented in Parliament next month.
“Those who can develop with skills and effort will be encouraged by the Budget. Others will also be supported. “
Prime Minister added that the budget will provide the opportunity to extend the development which was limited to the Western Province, to all over including Southern, North-Western and Central Provinces.
The Sri Lankan government’s target of increasing FDIs to US$ 5 billion per year is a clear signal to investors of Sri Lanka being converted into a business investment hub within the next three years. Apart from attractive incentives, a skilled workforce will also be at the disposal of investors entering the country. The Prime Minister has also hinted of the projects the government plans to undertake in 2018 and has provided ample time for investors to be prepared to invest in the country’s development agenda.
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