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Sri Lanka to hire international consultancy for FDI strategy

ECONOMYNEXT – Sri Lanka will hire an international consultancy to promote foreign direct investment to the country, the state information office said.

The need for a well-designed, centralized, co-oridated, marketing strategies to demonstrated the attractiveness of Sri Lanka as a destination for investment, has been recognized by the government, the statement said.

The cabinet of ministers had cleared a proposal by the Minister of Finance to seek the services of an international consulting firm to promote foreign direct investment.

FDI had weakened due to the lack of a strategy to directly target foreign investors, the statement said.

Sri Lanka reputation as a safe investment destination took a hit in 2011 after several businesses were expropriated, critics say.

Over the last five years, heightened monetary instability coming from ‘flexible’ monetary policy involving targeting inflation with a peg and targeting an output gap with printed money has led to balance of payments crises, negative output shocks and triggered downgrades.(Colombo/Mar24/2021)

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