Sri Lanka gets US$2.37bn in FDI in 2018; targets US$3bn in 2019

ECONOMYNEXT – Sri Lanka has received 2.37 billon US dollars of foreign direct investment in 2018, up 38 percent from 1.78 billion US dollars a year earlier, an official said.

Director General of the Board of Investment of Sri Lanka Champika Malalgoda said the original target for 2018 was 2.5 billion US dollars.

In 2019, Sri Lanka is targeting 3.0 billion US dollars of investments.

"I am sure we can achieve this target with the projects in the pipeline," Malalgoda told reporters in Colombo.

The 2018 FDI was the highest received in a single year, Malalgoda said

Out of 17 billion US dollars of FDI realised since the BOI was set up in 1978, 5.8 billion US dollars or 34 percent had come after 2015, she said.

Out of the 2018 total, 52 percent came from projects approved before 2015 and 48 percent after 2015.

On March 24, construction is to begin on an oil refinery in Mirijjawela, off Hambantota port, involving an investment of 3.85 billion US dollars, the official said.

The FDI is expected to be realised over the next four years.

Mangala Yapa, technical advisor to the ministry of international trade and investment said Sri Lanka was now drawing industrial and service firms to the country, after building infrastructure earlier. (Colombo/Mar19/2019-SB)





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