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Sri Lanka attracted more than 200 million dollars in Foreign Direct Investment (FDI) last year, which is the highest record, in its history. Constitutional Affairs and Industrial Development Minister Prof. G.L Peiris revealed this fact at the World Economic Forum's India Economic Summit 2000. Explaining further the economic development of the country, he described Sri Lanka as the 'Hong Kong of South Asia' during an interview with BBC's World Business Correspondent Richard Quest in New Delhi, India on November 25. Prof. Peiris said: Strategically located at the base of India, and at the crossroads of East and West sea lanes, Sri Lanka offered the promise of preferential market access and duty concessions due to the recently concluded Free Trade agreement which could be used as a springboard. Sri Lanka offers a point of entry into South Asia, with a per capita income that is almost twice that of India's at US$ 870 sophisticated legal systems, developed corporate structures, and a twenty year head start as an open economy. When asked whether Sri Lanka was poaching on India's mixed signals on investment opportunities and policies, Prof. Peiris in response said that he felt it was more a case of complementarity and synergy. Further he emphasised the fact that Sri Lanka is ranked as the country that has the most liberalised and open economy in South Asia.
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