Wednesday, May 22, 2024

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Government to attract over US$ 3 billion in foreign investments this year

By: Staff Writer

May 13, Colombo (LNW): Sri Lanka is expecting to sign foreign direct investment agreements of US$ 3 billion in 2024, with the help of a refinery to be built by Sinopec of China, State Minister for Investment Promotion Dilum Amunugama said.

“The investment promotion ministry was given a target of one billion US dollars of FDI for 2024,” Minister Amunugama said, adding that though the final contracts have not been signed, discussions are steadily progressing to exceed that number.

“By the second quarter we are likely to be able to double it and by the end of the year may be treble it,” Amunugama said.

A renewable energy project by India’s Adani group, for which a power purchase agreement was approved by the cabinet this week, was valued at 800 million US dollars

Among the private industrial zones to be jointly established with the government near Trincomalee, Mankulam, Paranthan, and Kankesanthurai, the Kankesanthurai Private Industrial Zone is set to commence operations.

A Sri Lankan business group based in Canada is spearheading this endeavour with a US$ 500 million investment and has undertaken the responsibility of attracting projects to the zone, Amunugama shared.

Furthermore, under the Trincomalee District Development Plan, sectors like solar and wind energy, along with green hydrogen, are poised to emerge as significant investments in the country. “Following the completion of debt restructuring, we aim to expedite this development project in collaboration with India,” he stressed.

Sri Lanka is all set to triple the investment target set for 2024, State Minister of Investment Promotion Dilum Amunugama said, as the necessary activities to realise the goal for 1Q24, set by the Finance Ministry has been successfully rolled out.

Amunugama, addressing a press conference on Friday said that the authorities are confident in attracting over US$ 3 billion in investments to the country.

“It is important to note that the investment projects signed in 2023 will be executed this year, though they are not counted as part of this year’s investments,” added Amunugama.

He went on to stress that he can “confidently affirm” that the investment background has significantly improved, showing a 200 percent progress from two years ago, making Sri Lanka favourable for investors.

He shared that this year Sri Lanka initiated investment promotion efforts in foreign countries by appointing representatives to the investment board.

“Remarkable successes have already been achieved in countries such as Britain, Canada, France, Italy, and Germany through project promotion activities conducted via global forums comprising Sri Lankan businessmen residing abroad,” he noted.

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