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SL aims to triple 2024 investment target: State Minister

May 13, Colombo (LNW): Sri Lanka is poised to triple its investment target for 2024, emphasised Investment Promotion State Minister Dilum Amunugama, citing the successful implementation of necessary initiatives outlined by the Finance Ministry for the first quarter of 2024.

Addressing a press conference on Friday (10), Amunugama expressed confidence in attracting over US$ 3 billion in investments to the country.

He emphasised that investments from projects signed in 2023, though not included in this year’s tally, will be executed during the current year.

Amunugama highlighted a remarkable 200 per cent improvement in Sri Lanka’s investment landscape compared to two years ago, asserting that the country has become increasingly favourable for investors.

Efforts to promote investment in foreign countries have been initiated this year, with the appointment of representatives to the investment board.

Notable successes have been achieved in countries such as Britain, Canada, France, Italy, and Germany through project promotion activities conducted via global forums involving Sri Lankan expatriate businessmen.

Amunugama highlighted the establishment of private industrial zones near Trincomalee, Mankulam, Paranthan, and Kankesanthurai, with the Kankesanthurai Private Industrial Zone being set up to commence operations.

A Sri Lankan business group based in Canada is leading this initiative with a US$ 500 million investment and is responsible for attracting projects to the zone, he added.

Additionally, sectors like solar and wind energy, along with green hydrogen, are expected to emerge as significant investments in Sri Lanka under the Trincomalee District Development Plan.

Amunugama stressed the importance of expediting this development project in collaboration with India following the completion of debt restructuring.

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