Jan 18, 2016 (LBO) - Sri Lanka is targeting five billion US dollars worth of foreign direct investments (FDI) in the next three years, Minister of Development Strategies and International Trade said.
“We are targeting 5-6 billion US dollars in FDI the next three and I am quite optimistic that we will get there,” Malik Samarawickrama, Minister of Development Strategies and International Trade told reporters in Colombo, Monday.
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“It will no doubt be a challenge with the prevailing global climate but we are very positive because now Sri Lanka is well placed to attract this kind of investment as people are also looking for new places,’
“Of course you can’t do things over night and we have a plan for it. Investors want consistent policy not so much the tax breaks. They don’t want the policy to change each time the government changes.”
The Minister says that several road shows have also been planned for this year.
“We have a program to attract investments country wise and will have road shows in Mumbai, Tokyo, Beijing and even Europe and the United States and so on,”
“So within the course of this year we hope to cover 5-6 major countries and at the same time I have been invited to China,” he said.
“They will come up with a program to set up industries – particularly in the Southern and Western regions. They want to have economic zones and bring in the investors themselves.”
He also said that in 2015 FDI was below one billion US dollars.
“FDI was less than a billion US dollars about 700 – 800 million US dollars last year - this is very low.”
Data shows that in 2014 FDI was 1650 million US dollars.
Sri Lanka targets USD5 bn FDI in next three years, Malik to visit China
Yahapalanaya antogonised the Chinese and expect FDI of ar5ound 5-6 bn in the next (03) years.
In this economic enviroment where are the Yahapalana backers the mighty West & India? Where is the money from the Norwegian Sovereign wealth fund?
Nothing forth coming but only interested in political changes.
It is the Chinese & now the Iranians who could fit in.
Shed the differences put the past in the back burner, get rid of CBK and use MR to get the Investment trickling in fast and also assistance from the AIIB bank for infreastructure..
Yahapalanaya lied through their teeth to topple MR and establish all kind of courts to harass all & sundry who did not tow their line now has to struggle.
Port City was on hold for logical reasons? Are we free to go ahead with projects bypassing all the codes? Yes if we are not in a democracy. We need to wait for the changes to trickle in.
Port city was put on hold to investigate corruption, How many cases of corruption did they find and how many people went to jail for that? And what about that phony up claims of environmental impact study, any thing showed up there? Everything about playing political games in Sri Lanka, don’t get me wrong I’m no fan of Rajapakse but playing politics with foreign investment never a good thing. If you shut the door they will invest their money somewhere else, Sri Lanka is not the only country that is looking for Foreign Investments, It is a competition with other countries.
Looking at how much FDI from CHina pouring into Malaysia ; Country Garden RM175Billion (USD43Billion) pln for next 20 years; Penang relaimation work, CRCC take stake or invested in Bandar Malaysia etc., is many time over the FDI in SRi LANKA..