FDI in 1Q hits $465m

• Rejects assertions record 2017 FDI stemmed from projects of former Govt. 

Yesterday, the Government was upbeat about Sri Lanka’s export and Foreign Direct Investment (FDI) performance, pointing out the latter had surpassed targets set for the first three months to hit $465 million and exports also reached an estimated $3 billion. 

International Trade and Development Strategies Minister Malik Samarawickrama told reporters the FDI target for the first quarter was $315 million, but this was successfully overreached by the Board of Investment (BOI). 

He also rejected statements that the $1.9 billion FDI target achieved in 2017 was due to the Hambantota harbour long-term lease, noting that $1 billion had come from the approval of a Chinese-funded LNG power terminal for the Hambantota economic zone. An uptick in manufacturing sectors had also bolstered FDI number, he added.    

“These statistics show that the policies this Government has taken are correct. Last year, we achieved a record investment of $1.9 billion and this year, we expect it to increase to about $2.5 billion. In the first quarter of this year, our targets have already been exceeded, which gives us confidence that the target for 2018 will be met,” he said. 

The Minister emphasised that the Government would continue to improve the business climate for exporters and investors so that the economy could continue to grow.