Govt. to expand investment ties with Russia

• Minister Prasanna Ranatunga calls on Russian investors to set up their factories in Sri Lanka

Tourism Minister Prasanna Ranatunga recently pitched for more Russian investments in Sri Lanka on the sidelines of the resumption of SriLankan Airlines’ direct services to Moscow.

In a meeting with Russian investors in Moscow, Ranatunga said the Sri Lankan Government had initiated a special program to woo tourism-related investments bundled with attractive incentives to encourage Foreign Direct Investments (FDIs) in the post-COVID era.

Ranatunga assured to provide the necessary support to Russian investors for investment in Sri Lanka, noting that the Government was paying special attention to tourism-related investment.

The tourism industry has been identified as an export industry in recent years and is also recognised as a thrust sector to develop the economy since it attracts much-needed foreign exchange. “Despite the COVID-19 pandemic, the country has received a total of 54 investment projects worth $ 879.94 million, while another $ 34 million projects related to tourism were attracted during the third wave of COVID-19,” Ranatunga said.

The Minister also said Sri Lanka would continue to focus on streamlining investments, facilitation, forging vital bilateral free trade and economic cooperation agreements to become accessible to the world.

“The Government has paid special attention to expand new investment opportunities in the country and has taken steps to expedite the approval process for foreign investors. The process of approving tourism related investments has been simplified where a general application has been finalised to cover all line agencies,” he pointed out.

Ranatunga encouraged Russian investors to set up their factories and bases in Sri Lanka, assuring full support.

The Minister said factory workers were given priority in the national vaccination program and thus far 90% of employees in the EPZs had been vaccinated against COVID-19.

“Although the country was closed, the Government took steps to open factories keeping in line with the health guidelines and continue the manufacturing,” he said.