Lankapage Logo Recent Top Stories
CP 14 YEARS
Go Home Home Serving the Sri Lankan community globally since 2000
go to LankaPage.com

Leading News from Sri Lanka::

* Sri Lanka targets US$ 2 billion FDI this year
Fri, Feb 1, 2013, 09:02 pm SL Time, ColomboPage News Desk, Sri Lanka.

Feb 01, Colombo: Sri Lanka this year targeting over US$ 2 billion in foreign investments to the country will remove all obstacles in achieving the goal, the newly appointed Minister of Investment Promotion Lakshman Yapa Abeywardena said.

Addressing the media after assuming duties as the new minister Thursday (31), Abeywardena said the government will focus on four sectors, namely tourism, education, industrial development and the service sectors, this year to attract foreign investors.

The Minister spoke of investments in the education sector which has not been tapped so far.

Noting that around 12,000 students go out abroad annually for education draining over US$ 400 million from the country, the Minister said measures will be taken to attract foreign investment in the sector to establish foreign universities and educational institutes in the country to prevent brain drain and foreign exchange outflow.

He also pointed out that such educational institutes will attract foreign students in the region to the country.

He pointed out that the government has provided all infrastructure facilities required by the foreign investors to establish businesses in Sri Lanka with two international airports, two main harbors, highways and expressways.

The Minister also drew attention to the free trade zones in the country that have not been used to their full extent.

Sri Lanka has 12 Industrial Zones and 8 Free Trade Zones in the country another Free Trade Zone will be established in Suriyawewa in Hambantota.

Abeywardena said the currently there are several thousand vacancies in the Free Trade and Industrial Zones and steps will be taken to revive and develop the manufacturing units in those zones.

Sri Lanka is one of the ten economies in the world that are improving the most in the ease of doing business and the easiest among the South Asian countries, World Bank said in its Doing Business 2013 report.

Sri Lanka has implemented reforms making it easier to do business and the Central Bank of Sri Lanka under its Doing Business improvement programme has been engaged in an exercise since 2009 under the guidance of the Ministry of Economic Development to improve country's relative international ranking position substantially in order to successfully attract foreign investment.

However, Sri Lanka has been warned that the government's move to impeach the chief justice and its influence on the judiciary will affect the foreign investments to the country.

The United States recently said that actions undermining an independent judiciary would impact on Sri Lanka's ability to attract foreign investment.

** Related Story :: Over US$ 2 billion worth investment projects under consideration in Sri Lanka tourism sector



ColomboPage - Recent 10 Stories
Tense situation when Yala National Park reopened for public today
-- [1 minutes ago]
Underworld gang member killed in shootout with police
-- [25 minutes ago]
Sri Lanka nationwide inflation rises to 7.9 percent in September 2017
-- [59 minutes ago]
Bangladesh Navy ship Somudra Avijan arrives at Sri Lankan port on goodwill visit
-- [1 hour and 19 minutes ago]
Sri Lanka issues open international tender to import more rice
-- [1 hour and 53 minutes ago]
TRCSL ranks Mobitel's 4G Network as the 'Fastest Broadband Network' in Sri Lanka
-- [2 hours ago]
U.S. Ambassador inaugurates Garment Innovation Center in Sri Lanka
-- [2 hours ago]
New Pakistan envoy affirms desire to further strengthen political, economic and people-to-people relations with Sri Lanka
-- [3 hours ago]
Five new envoys to Sri Lanka present credentials to President
-- [3 hours ago]
Sri Lanka continues to lag making progress in Transitional Justice process - UN Expert
-- [4 hours ago]

Copyright © 2000, 2012 by LankaPage.com (LLC) :
The news and other contents on ColomboPage are copyrighted property of LankaPage.com, LLC. Any unauthorized use of any information on ColomboPage may constitute a violation of copyright laws. You need written permission to reproduce, republish, post, transmit, broadcast or distribute, material from this site from LankaPage.com, LLC. However, news organizations or broadcasters in Sri Lanka may republish the news items in ColomboPage with proper acknowledgment to ColomboPage.