Sri Lanka’s Finance Ministry states country targeting US$ 2.5 billion FDIs to the country this year
The Finance Ministry of Sri Lanka states that the government is aiming to attract US$ 2.5 billion in Foreign Direct Investments (FDI) this year.
Sri Lanka last year reached the target of US$ 1.9 billion FDIs.
According to the Ministry, the record US$1.9 billion FDI is four times what was achieved in 2016, and tops the previous biggest high of US$ 1.7 billion achieved in 2014.
However, media reports state that the US$ 1.9 billion for 2017 includes the US$ 300 million that came as part of the payment for the Hambantota Port deal with a Chinese company.
The Finance Ministry has further noted in a statement that the highest FDI inflows came from China, followed by Hong Kong, India and Singapore.
The Finance Ministry has also credited efforts by the government to improve ease of doing business, reduce red tape and introduce progressive legislation as reasons for the rise in FDI, and stated that the target for 2018 had been set at an ambitious US$ 2.5 billion.
The Finance Ministry has also noted that the goal is to double FDIs to the country to US$ 5 billion by 2020.
Sri Lanka’s achievement of US$ 1.9 billion in FDIs last year is a sign of the investor confidence in Sri Lanka. Also, the improvements in the ease of doing business environment in Sri Lanka along with the introduction of business friendly and progressive legislation in the country would further boost investor interest in Sri Lanka. With Sri Lanka setting a target of US$ 2.5 billion FDIs for this year, the island nation would undoubtedly become a hive of business activities and new opportunities.
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