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
Sri Lanka hopes for better relations with new UNHRC Chief
-- [4 hours ago]
Bank of Ceylon extends anti-money laundering contract with Callcredit Group
-- [5 hours ago]
The best we can give our children is education - Sri Lankan President
-- [5 hours ago]
Sri Lankan court allows deportation of Pakistani asylum seekers
-- [7 hours ago]
Sri Lanka state hospitals back to normal as the supplementary staff ends the strike
-- [8 hours ago]
Plans underway to give Sri Lanka's phosphate deposit to China, civil society movement charges
-- [8 hours ago]
Sri Lanka's veteran trade union leader Bala Tampoe passes away
-- [9 hours ago]
UK has provided 3.5 million pounds for Sri Lanka's demining program
-- [9 hours ago]
Chinese national arrested at Sri Lanka airport trying to smuggle Wallapatta
UNP Chief ministerial candidate says meeting with President's son accidental

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.