Sri Lanka’s Treasury attracts FDIs for multi-billion-dollar opportunities, news report
Daily FT: In a proactive move, Sri Lanka’s Ministry of Finance has taken the initiative to woo foreign direct investments (FDIs), launching an important compilation of new opportunities in Sri Lanka for global firms.
The publication titled ‘Investment Opportunities in Rising Sri Lanka 2022’ is a compendium of opportunities, the combined worth of which are multiple billions of dollars.
It lists specific opportunities with description and quantum of investments sought.
Sectors in which opportunities have been identified are power and energy, pharmaceuticals, textiles, real estate, urban development, fisheries and aquaculture and the Port City. Additionally, investment opportunities in sectors such as travel and tourism, aviation and others are listed as well.
The initiative urges global companies and investors to take advantage of Sri Lanka which the Finance Ministry has described as one of the leading emerging markets in Asia.
The 40-page publication is a first-of-its-kind given its detailed content in terms of identified projects and estimated value of investments sought or likely to be incurred.
However, to give a sneak preview of the outlook for 2022, the Treasury had relied on republishing an article titled ‘Sri Lanka: The Rising Star of Asia,’ published in the influential Forbes magazine.
In the power and energy sector, flagship projects include a 100MW wind power plant in Poonarin with an estimated investment of $ 130 million, a 100MW wind power plant in Mannar – Phase ii with an investment of $ 100 million, and a 100 MW solar power project in Siyambalanduwa with an investment of $ 100 million. Separately, several other projects have been listed as well, including a 300MW combine cycle power plant ($ 300 million) and construction of a new 100,000 barrels per day capacity refinery at Sapugaskanda ($ 2-3 billion).
Under pharmaceuticals, two projects are listed: the Pharmaceutical Zone in Hambantota (investments starting from $ 5 million) and the Pharmaceutical Zone in Oyamaduwa – Anuradhapura ($ 141 million).
In textiles, the Textile Zone in Eravur – Batticaloa has been listed.
The publication also lists the largest number of real estate and urban development projects.
Primarily, several opportunities were listed under the Port City, with investors told it was all set to take off. Projects within include a luxury hotel development at Colombo Port City ($ 229 million); a beachfront luxury villa development at Port City Colombo ($ 362 million); and a mixed-use development at Port City Colombo ($ 355 million). Others include three residential projects – Marina Precinct Port City with investment ranging from $ 84-147.5 million and a hotel – Island Living Port City ($ 165 million).
Under real estate cum urban development, nearly 30 projects are listed. Projects include hotels, mixed developments, apartments and housing, townships, waterfront developments, and a multi-storied car park.
Three ‘Selendiva’ projects – Colombo Hilton ($ 230 million), Grand Hyatt Colombo ($ 270 million) and Grand Oriental Hotel and York Street have been listed.
Other large-scale projects include a high rise mixed development at Charmers Granaries Land in Colombo Fort ($ 1 billion), multiple hotel, office and commercial buildings under the Beira Lake Waterfront Development project, with investments ranging from $ 40 million to $ 182 million, and a high-end boutique hotel – Visumpaya Premises ($ 35 million).
Townships include Narahenpita ($ 170 million) and Battaramulla ($ 76 million).
Under travel and tourism, the projects are the Kuchchaweli Beach Resort ($ 150 million); Kalpitiya Island Resort ($ 200-250 million); and Dedduwa Lake Resort ($ 500 million). They have been listed along with the Mannar Resort, Delft Island Resort, and a hotel at the Mattala International Airport.
Under fisheries and aquaculture, the projects are the development of the Karainagar Boat Yard ($ 290 million), expansion of sea cucumber farming up to 5,000 acres, while farming seaweeds as raw material for manufacturing organic fertiliser ($ 50 million) has also been listed.
Specific opportunities in the Mattala International Airport (MRIA) such as cargo operations, MRO, services, training and education, too have been listed.
Industrial zones both within Mahaweli and outside are among other projects listed.
Sri Lanka’s economic resilience and the positive growth trends recorded by several key economic sectors amidst the pandemic has made Sri Lanka an attractive destination for business/investment opportunities. Sri Lanka’s attraction as a business destination in the South Asian region have been further supported by the island’s geographical positioning in the Indian ocean, the many trade agreements and trade concessions enjoyed by the as well as the continuously improving ease of doing business environment in the country. With an ongoing development programme in Sri Lanka, the business/investment opportunities in the country have further expanded. Given the current trends, foreign businesses/investors could confidently explore opportunities in Sri Lanka.
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