Sri Lankan government targets US$ 2.5 billion in foreign investments next year
The government of Sri Lanka is targeting US$ 2.5 billion in foreign direct investments (FDIs) in 2021, with several commitments already being made, Sri Lanka’s State Minister for Finance and Capital Markets, Nivard Cabraal has reportedly said.
Addressing an investment forum organized by Asia Securities, which is a Colombo-based investment house, Cabraal has said that about a billion dollars of investments were in the pipeline for the Colombo Port City.
“That is very real,” he has added.
“The Hambantota tyre factor is US$ 300 million of which US$ 175 million will come next year.”
A pharmaceutical zone is expected to get another US$ 200 million.
“Once you have inflows of that nature there would be many others who would get excited,” the State Minister has explained.
According to him, Sri Lanka was working on providing stable macro-fundamentals to investors.
A Special Economic Zone law is expected to be passed for the Port City while projects so far have been given tax benefits under a highly discretionary Strategic Investment Law, a local media report stated.
Sri Lanka’s geographical positioning in the Indian Ocean and the many trade agreements as well as trade concessions enjoyed by the country have made it a business hub in the South Asian region. Several key economic sectors including exports, tourism, ports, shipping and maritime were on a continuous growth path when hit by the global Covid 19 pandemic. However, Sri Lanka’s economy has been resilient through the years and once again key economic sectors are showing signs of returning to normalcy. Foreign businesses/investors could therefore confidently explore business/investment opportunities in Sri Lanka.
|Article Code :||VBS/AT/18122020/Z_2|