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 expects to rake in US$ 2 billion in FDI s from Commonwealth Business Forum
Thu, Oct 24, 2013, 09:29 pm SL Time, ColomboPage News Desk, Sri Lanka.

Oct 24, Colombo: Foreign Direct Investment (FDI) in Sri Lanka has steadily increased since the end of the war reaching US$ 1.2 billion mark last year and the country expects to bring in US$ 2 billion this year, Minister of Investment Promotion Lakshman Yapa said.

Addressing a Board of Investment (BOI)-organized forum held under the theme of "Economic benefits for Sri Lanka and CHOGM," the Sri Lankan Minister said from 2006 to 2012 the country was able to attract US$ 6.8 billion, which was a 70 percent increase from the US$ 2.36 billion it raised from 1978 to 2005.

Speaking of the benefits of the Commonwealth Business Forum (CBF) that will be held on the sidelines of the Commonwealth Heads of Government Meeting (CHOGM) next month, the Minister said the summit is an ideal opportunity to promote FDIs into the country as more than 70 business delegations of Commonwealth and non-Commonwealth countries will be participating in the CBF.

According to Minister Abeywardena Sri Lanka has already attracted 17 companies with more than US$ 8 billion worth of investments based on the Strategic Development Act.

Abeywardena noted that to achieve this year's target the government has encouraged not only foreign investments but also local investments as well.

He said the government envisages increasing domestic investments up to 35 percent of the GDP and enhancing the inflow of foreign direct investments to maintain an 8 percent economic growth.

Deputy Minister of Investment Promotion Faizer Mustapha addressing the forum said Sri Lanka could expect more than US$ 2 billion worth of investments into the country with the CHOGM.

Today, Colombo is transforming into one of the best cities in the region due to its development activities, which itself is an attraction for foreign investments, Mustapha noted.

He noted that the international perception on Sri Lanka could be changed with the holding of the CHOGM and the business community and prospective investors will be greatly pleased about the country's real situation.

ColomboPage - Recent 10 Stories
Sri Lanka parliament postpones debate on 19th Amendment to Constitution
-- [30 minutes ago]
Opposition MPs end protest, hand over petition against Bribery Commission DG
-- [51 minutes ago]
Former president's supporters protest near Sri Lankan parliament
-- [1 hour and 4 minutes ago]
Sri Lankan court permits CID to examine bank accounts of former President's Chief of Staff
-- [1 hour and 54 minutes ago]
Tense situation adjourns Sri Lankan parliament
-- [2 hours ago]
Sri Lanka Speaker says Bribery Commission should inform him before summoning MPs
-- [2 hours ago]
Indian fishermen to demand uninterrupted fishing rights in Sri Lankan waters - report
-- [3 hours ago]
Sri Lankan opposition MPs to continue protest until President gives written assurance
-- [3 hours ago]
Sri Lanka's Bank of Ceylon posts record Rs. 20.3 billion profit in bank's history
-- [4 hours ago]
Sri Lanka parliament to begin debate on 19th Amendment to Constitution today
-- [5 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.