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 needs US$ 4 billion FDI this year for 8% growth - Minister
Thu, May 29, 2014, 11:26 pm SL Time, ColomboPage News Desk, Sri Lanka.

May 29, Colombo: Sri Lanka needs US$ 4 billion Foreign Direct Investment (FDI) if it wants to maintain an 8 percent economic growth rate this year Minister of Investment Promotion Lakshman Yapa Abeywardena said today.

Addressing a press briefing held in Colombo today, the Minister said this year, the government expects of about US$ 2.0 billion in FDI.

"This year, we are hopeful of getting about US$2.0 billion in FDI, but we need to push it up much more," he told Reuters.

The Minister said Sri Lanka missed its FDI target last year because of bureaucratic delays and protests by certain sections causing difficulty in attracting the investors.

The FDI fell short of its US$ 2 billion target for last year and earned only US$ 1.3 billion.

He pointed out the case of the glove factory in Rathupaswala as an example. He said the government succeeded amid the crisis since the factory could be moved into an economic zone.

The Minister noted that countries like Malaysia and Vietnam offered better conditions for the investors and became highly competitive.

Sri Lanka is expecting to meet the FD target this year from big-ticket investments in the mixed-resort projects - US$ 350 million investment from the Australian gaming tycoon James Packer and the US$ 650 million investment from John Keells and Holdings, but the projects are mired in controversy.

Speaking about delayed Krrish Square mixed development project, the Minister said the project could be offered to another investor in case the present investors failed to move forward.

India's Krrish Group has paid Rs. 4.355 billion to the plot of land where the project would be located and the group is yet to pay the rest of Rs. 639.5 million, the Minister explained.

ColomboPage - Recent 10 Stories
Excise unit raids cannabis plantation in Sri Lanka forest reserve
-- [3 hours ago]
Sri Lanka, Iran defense officials discuss bilateral cooperation
-- [5 hours ago]
Sri Lankan President condoles the death of former Indian President
-- [5 hours ago]
Plateno Hotels Group launches luxury Portofino brand in Sri Lanka
-- [7 hours ago]
Sri Lanka investment agency BOI greening its zones for sustainable growth
-- [7 hours ago]
Sri Lankan court extends order preventing SLFP central committee meetings
-- [8 hours ago]
Another batch of Sri Lankan Tamil refugees returns home from India
Sri Lanka Elections Commissioner tells Private Sector to grant leave for workers to vote
Sri Lanka signs agreement with Google to launch Project Google Loon
President removes five SLFP members who joined the UNF

Copyright © 2000, 2014 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.