Basil says FDI could top $2b in 2012; $400m inflow in Q1

Economic Development Minister Basil Rajapaksa has hinted that foreign direct investment (FDI) into the country this year could surpass the targeted figure of $2 billion, up from $1 billion.

The target was “a very big task, but I am confident we may surpass it,” Minister Rajapaksa has told Reuters in an interview yesterday.

FDI hit $400 million in the first quarter and some $1.4 billion of investments were in the pipeline and pending approval in the tourism sector alone.

Rajapaksa said investments were also ongoing in pharmaceuticals and rubber products.

“The main challenge in 2012 is the global slowdown and the (troubles in)... the eurozone and also the slow recovery of the US economy. And on top of that the oil price and different embargoes,” he added.