Sri Lanka says new investments diversifying economic base

COLOMBO (EconomyNext) – Sri Lanka’s investment promotion agency said it signed 42 agreements with investors in the five months to January 2015, including 50 million US dollars of foreign investments, which helped to diversify its economy.

The investment projects are expected to generate an estimated 5,141 jobs, almost half of which is in the apparel industry, the Board of Investment (BOI) said in a statement.

The new agreements “reflect the growing diversification of Sri Lanka’s economic base and exports.”

These include mini hydropower plants, software development, tourist hotels, apparels manufacturing, apartment complexes, Business Process Outsourcing for legal services, hospitals, satellite TV broadcasting, plantation, leisure and cruise services and logistics operations. 

The BOI said 36 were new agreements and 6 were expansions of existing projects.

The total estimated value of the agreements signed was 24,588 million rupees of which 6,849 million rupees (51 million dollars) were foreign investment and 17,734 million rupees local investments.

The highest value of agreements for new projects was 6,715 million rupees (25.11 percent) in the service sector, followed by tourism and leisure (4,772 million rupees – 19.41 percent) utilities (3,680 million – 15 percent) and agriculture (3,282 million – 13.36 percent).

Expansions in January to May 2015 were mainly in the manufacturing sector representing 708 million rupees, followed by infrastructure (392 million) and apparel (198 million rupees).

“An estimated 5,141 employment opportunities are to be created by the projects signed in January to May 2015,” the BOI said.

Of these a total of 2,320 are to be created in the apparel sector, 758 in tourism, 534 in infrastructure and 369 in knowledge services.






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