$ 1.3 b in FDI achieved; $ 2 b target likely says Lakshman Yapa

Saturday, 11 October 2014 00:35 - - {{hitsCtrl.values.hits}}

By Waruni Paranagamage The Government yesterday claimed the country has received $ 1.3 billion in Foreign Direct Investment (FDI) so far this year and expressed confidence the $ 2 billion target could be achieved by end 2014.

“By the end of the 3rd quarter of 2014, Sri Lanka has achieved US$ 1.3 billion of FDI from the targeted US$ 2 Billion”, Investment Promotion Minister, Lakshman Yapa Abeywardena told journalists yesterday. In the period of January to October 2014 the Board of Investment has received 161 applications of which 112 agreements involving $ 1.78 billion had been signed. The total value of these overall applications was US$ 4.39 billion, according to the Minister “We are endeavouring to achieve the targeted FDI figure of $ 2 billion by end 2014 and we are confident,” the minister added. He also said that Hong-Kong based leisure group Shangri-La has increased its investment commitment up to US$ 600 million. BOI enterprises have also exported US$ 4.844 billion worth of goods and services and imported US$ 3.184 billion and worth of raw material and project related items. An estimated total 23,600 new jobs were created by BOI enterprises by the end of the 3rd quarter of 2014. Minister Yapa Lakshman said the previously announced “Privilege Card” will be issued to investors from the first week of November as a mean to incentivise investors who have committed $ 5 million or more. Aggressive promotion for further FDIs is also underway. Minister will participate in an investment promotion mission in Tokyo and Osaka in Japan in a fortnight. The undertaking comes hot on the heels of the State visit by Japanese Premier Shinzo Abe to Sri Lanka in September. “We hope the promotions in Osaka and Tokyo will generate Japanese investor interest and more FDIs,” Minister Lakshman Yapa said. He will also participate at the World Investment Forum at the Palais des Nations in Geneva, (United Nations) from 13th -16th October. The forum will be discussed many important issues relating to investment and the main subjects of sustainable development. A total of over 3000 participants from over 140 countries will attend the forum including Heads of States, Ministers, Leading CEOs and Heads of Internationsl organization and civil society.