Sri Lanka’s record US$ 1.9 billion FDIs driven mainly by China, Singapore and India
Sri Lanka’s record US$ 1.9 billion in foreign direct investment (FDIs) have reportedly been driven by China, Singapore, India and Hong Kong.
According to reports, there has also been an increase in foreign investments to Sri Lanka from many countries.
Among the main Chinese investments are the investments by the CM Ports group in the Hambantota Port and also the sea reclamation in Colombo for the Port City project.
Data of the Central Bank of Sri Lanka have shown that Chinese investments were US$ 407 million in 2017, followed by US$ 241 million from Singapore, US$ 181 million by India and US$ 125 million from Hong Kong.
Investments from Japan have reportedly recorded an increase to US$ 51 million from US$ 26 million a year earlier.
UK investments have almost doubled to US$ 76 million from US$ 39 million a year earlier.
US investments have been recorded at US$ 25 million, which is an increase from US$ 10 million a year earlier.
Reports further state that there were US$ 39 million from Australia (unchanged), US$ 25million from Sweden, US$ 20 million from Mauritius and US$ 18 million from the British Virgin Islands.
Some Western firms have also invested through financial centers like Singapore and Hong Kong, reports add.
The record of US$ 1.9 billion FDIs attracted by Sri Lanka mainly from China, Singapore and India is an indication of the expanding economy as well as the opportunities in the island nation. The continuously increasing FDIs also indicate the growing investor confidence in Sri Lanka. Therefore, Sri Lanka is fast becoming a business destination with excellent geographical positioning that could attract many more FDIs.
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