Sri Lanka aims to triple foreign investment into island in 2006
[March 10, 2006 - 10.30 GMT ]

Sri Lanka aims to attract more than triple the amount of overseas investment this year as in 2005, part of a plan to boost infrastructure and economic growth amid the longest respite in a two-decade civil war.

The government is seeking a record $1 billion of foreign direct investment this year, compared with about $285 million in 2005, Investment Promotion Minister Rohitha Bogollagama said. A proposed $450 million coal-fired power plant by India’s National Thermal Power Corp. and a $150 million investment by Telekom Malaysia Bhd.’s local mobile-phone unit, would be among the biggest projects to attract inflows this year, he said.

‘‘Sri Lanka needs more foreign money to improve infrastructure, employment and exports and for technological transfer,’’ Bogollagama told reporters in Colombo today. ‘‘Sri Lanka needs to think much bigger than it’s done before and continue on that path.’’

Sri Lanka has had uninterrupted economic expansion since a February 2002 cease-fire halted its civil war with the separatist Tamil Tiger rebels.

President Mahinda Rajapakse, who is also Finance Minister, is aiming to boost annual economic growth to 8 percent in the next six years. The central bank has forecast 6% growth in 2006, the fastest pace in three years, from an estimated 5.5% in 2005.

— Courtesy Bloomberg

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Last Updated Date: March 10, 2006 -10.30 GMT