Sri Lanka regains 40 suspended FDI contracts

by jagath
September 26, 2023 8:24 am 0 comment 210 views

Asela Kuruluwansa

* BOI given investment target

* Rs. 701 Mn in FDIs has been met

* Confident of reaching Rs. 2 Bn

* Political stability and economic programmes bear fruit

State Minister for Investment Promotion Dilum Amunugama said that 30 to 40 FDI contracts that were suspended due to the economic crisis will be re-contracted as foreign investors have expressed their willingness to do so, convinced that the country will stabilised.

He said that the Government has given an investment target of Rs. 1 billion to the Board of Investment (BOI) this year and it is expected to be able to reach Rs. 2 billion.

He emphasized the fact that by now, the investment target of Rs. 701 million has been met and the related money has been brought to the country.

The State Minister made these comments while addressing the media yesterday (25) in Kandy.

State Minister Amunugama said that another Rs. 250 million and Rs. 280 million investments are to be signed and according to this, there is a possibility of reaching a target of Rs. 2 billion after passing the Rs. 1 billion target this year.

He stated further that the political stability of the country and the economic programmes of the Government led by the President have directly affected the attraction of investors to the country and if the current wave of killings going on in the country is not controlled quickly, it will have a negative impact on foreign investment.

The State Minister said that although the International Monetary Fund (IMF) is of the position that no concessions should be given to investors, the Government led by the President is of the opinion that in order to attract investors, concessions should be given to some extent and they are looking into how to provide relevant concessions.

State Minister Amunugama said that former British Prime Minister David Cameron will hold a programme to introduce the Colombo Port City to investors in Abu Dhabi and Dubai today (26), and as several other investment summits are currently being held in Dubai and Abu Dhabi, those participating have also been invited to this programme. He also emphasized the fact that the legal framework is in place for investors to start work in the Port City.


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