Over the past three years, despite many natural calamities and the Easter attack that affected Sri Lanka’s economy, Foreign Direct Investment (FDI) inflows remained stable with US$ 2.4 billion in FDI in 2018, up from US$ 970 million the previous year, a senior cabinet minister said.
Better trade and competitive policies exerted a powerful effect of attracting more and better Foreign Direct Investment into Sri Lanka, Minister of Development Staretgies and International Trade Malik Samarawickrema disclosed.
The 3-Year Annual Average of FDI has grown by 23% in years of 2016-18 compared to the 2013-15 period. Further, BoI registered companies had created 17,000 new jobs.
During the period between 2016 to September 2019, approvals were granted and investment agreements were signed for over 360 projects (over 200 new projects and 157 expansions of existing projects).
"This year itself, the BoI has approved FDI projects worth over $20 billion. There is one project which has just been approved by the Cabinet, amounting to $15 billion," Samarawickrema said.
These projects will generate a FDI value of around US$ 9.5 billion whilst providing additional employment opportunities to over 60,000 Sri Lankans when they are realized over the next 2-4 years.
Out of these, 253 projects are at the implementation stage and over 100 are in the commercial operation stage.
Minister Samarawickrema noted that the total FDI that flowed into Sri Lanka between 1978 to 2015 was US$ 12 billion.
During 2016 to 2019 alone, there has been total FDI Inflow of US $ 5,4 billion, he said adding that 45% of the FDI during the last 37 years, was realized in last 4 years.
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