Sri Lanka foreign investment to hit US$1.5bn this year
Nov 21, 2017 13:50 PM GMT+0530 | 0 Comment(s)
ECONOMYNEXT – Foreign direct investments into Sri Lanka are expected to reach US$1.5 billion this year, almost double that of 2016, Board of Investment chairman Dumindra Ratnayaka said.
“This year has been better, we expect almost double the investments of 2016,” he told a forum on new initiatives by the BOI held by the investment promotion agency and Council for Business with Britain.
“But most of the investment is coming from existing investors expanding capacities and investing in different areas more than completely new investments,” he said.
“We hope to hit $1.5 billion this year,” Ratnayaka said. “There are sone new projects we are trying to finalise. And we are going to get $5 billion in FDI by 2020, quite an optimistic target.”
Ratnayaka said his figures for this year were based on realised investments, not committed investments where numbers are very much higher although they are not always realised.
FDI into Sri Lanka was $808 million in 2016.