National Shoora Council calls for global FDI in Sri Lanka

Monday, 3 March 2025 04:26 - - {{hitsCtrl.values.hits}}

The Executive Committee of the National Shoora Council (NSC) last week decided to urge countries worldwide, including the 57-member Organisation of Islamic Cooperation (OIC) headquartered in Jeddah, Saudi Arabia, to make and encourage direct investments in Sri Lanka in agriculture, dairy farming, fisheries, and housing projects, preferably in collaboration with existing Sri Lankan developers.

NSC’s newly-elected Head M.M. Zuhair, PC stated that prospective private sector investors should be supported to make direct investments in Sri Lanka through the Board of Investment (BOI), and that the NSC, a non-profit civil society, would facilitate in the national interest collaboration with existing Sri Lankan companies of repute across the board. Government-level investments could be facilitated to discuss investments at government to government level, an NSC media release said.

The NSC would also urge the Government to create an attractive environment to encourage investments in the island nation, presently affected by high electricity and labour costs. The civil society organisation has decided to suggest that the country’s President visit Riyadh and invite Saudi Government investments in Sri Lanka, and also meet with the heads of the OIC and other high-profile entities. These are necessary to encourage closer cooperation to support the country’s efforts to develop and overcome the hitherto critical economic sectors. That would help other Middle Eastern countries too to come in, the NSC release said.

Sri Lanka presently receives the highest foreign exchange earnings annually from mainly the Middle East, with employment remittances topping $ 6.58 billion in 2024 without any debt constraints, while the highest volumes of remittances came last year from Kuwait, the UAE, Saudi Arabia, and Qatar.

Merchandise exports meanwhile earned $ 12.78 billion as against imports costing $ 18.84 billion in 2024, adding a foreign exchange liability of $ 6.06 in the import-export sector. Tourism brought in $ 3.17 billion, while IT earnings were $ 0.85 billion in 2024.

Progressive sectors of the country should presently support genuine governmental efforts to overcome economic sector bottlenecks and help achieve self-sufficiency and higher export targets, the NSC President said.

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