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* Investment from Europe accounted for 20% of Sri Lanka's FDI last year
Sat, Aug 30, 2014, 12:47 am SL Time, ColomboPage News Desk, Sri Lanka.

Aug 29, Colombo: Last year 20 percent of Sri Lanka's Foreign Direct Investments (FDI) were from European Union countries, the Deputy Minister of Investment Promotion Faizer Mustapha said.

Addressing the EU-Sri Lanka Investor Dialogue held at the Auditorium of the Board of Investment in Sri Lanka on Wednesday (27), the Deputy Minister noted that the EU has invested most in the field of Information Technology, Telecommunication and Higher technology.

Sri Lanka earned US$ 1.42 billion in Foreign Direct Investment (FDI) in 2013 but it was below the target of US$ 2 billion for the year. FDI inflows through the Board of Investment (BOI), the state investment promotion agency that oversees all foreign direct investment into the country, amounted to US$ 1.39 billion.

Sri Lanka has set an ambitious target of US$ 2.5 billion for 2014.

During the discussion, the Minister emphasized on the importance of creating a forum with the participation of EU, European Chamber of Commerce in Sri Lanka and the Investment Board of Sri Lanka to find solutions to issues faced by the EU investors with regard to investing in Sri Lanka.

He said the EU Investor Dialogue was initiated various quarters who expressed the need for a platform to discuss issues to promote and enhance investments between Sri Lanka and the EU.

The Minister also said that this dialogue will be held on the third week of each month with the participation of officers from the Ministries of Power and Energy, Finance and Planning, Environment and Renewable Energy, Petroleum Industries, Land and Land Development, Port and Highways as well as the Director General of Customs, Commissioner General of Inland Revenue to enable an instant and expeditious solution to the problems of the stakeholders.

The event saw the participation of the Delegation Head of the European Union to Sri Lanka and the Maldives, Ambassador David Daly and Chairman of European Chamber of Commerce of Sri Lanka Dilipan Thyagaraja and Netherland's Ambassador LMW Piet.

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