Sri Lanka FDI doubles to US$1.6bn 2017 helped by China
Jan 27, 2018 19:14 PM GMT+0530 | 1 Comment(s)
ECONOMYNEXT - Foreign direct investment into Sri Lanka doubled do 1.63 billion US dollars in 2017, up from 802 million dollars a year earlier, with China being the top investor, the state investment promotion agency said.
Strong growth was seen in export manufacturing (up 27 percent) services including tourist and information technology ( up 50 percent and infrastructure (up 190 percent, the Board of Investment of Sri Lanka said.
The investment flows came from China, followed by Hong Kong, India and Singapore.
A 1.4 billion US dollar sea reclamation project by China Harbhour Engineering Company is China's flagship project in Sri Lanka. China also bought into a port in Hambantota, with a part payment coming last year.
The balance is due in 2018.
Minister of Development Strategies and International Trade Malik Samarawickrama said Sri Lanka was targeting 2.5 billion US dollars in FDI next year.
"This is not a time for complacency but renewed focus to use the momentum to strengthen reforms to improve our Ease of Doing Business ranking, and efforts to attract high-quality investors from countries we have renewed bilateral relationships with," Samarawrickrama said in a statement.
BOI Director General Duminda Ariyasinghe said the hard work and dedication of the investor promotion and facilitation teams as well as a pro-investor policy framework helped draw both local and foreign investors. (Colombo/Jan26/2018)