The Foreign Direct Investment (FDI) flow to Sri Lanka has surpassed US$ 817 million during the first six months of the year which is a 51 percent growth as against the corresponding period last year -- and Sri Lanka expects FDIs worth over US$ 2.5 billion during this year.
The money has come in the form of investment in tourism, mixed development and manufacturing projects, and the Board of Investment (BoI) is working towards reorganising, rebranding and repositioning the BoI into more integrated and comprehensive facilitation with this achievement.
It is estimated that global FDI is around US$ 1.46 trillion in 2013 and about 52 percent has been in developing economies. About US$ 406 billion has been in developing regions of Asia last year.
According to senior official of the Investment Promotion Ministry, Sri Lanka shows an increasing investment trend where it had received US$7,141 million in 2013 - up 72 percent from 2006.
He said that the FDI inflow to Sri Lanka during the first quarter of 2014 exceeded US$ 442 million, a 100 percent plus increase in comparison to the corresponding period last year.
“Sri Lanka has received a payment of US$ 10 million from the Krrish Group of India and US$ 500,000 from Shangri-La,” the official said. The BoI will enhance its processes by forming its fourth functional Monitoring Department, where any issues investors would face, can be handled.
“Investors will also be issued with Privilege Cards, in settings of Platinum, Gold and Silver, which would depend on their commitments and investments in Sri Lanka, helping them receive the maximum assistance when it comes to investing purposes in Sri Lanka.”
Approval for over 40 projects during the first quarter of this year symbolised the massive confidence, the investors had placed in the Sri Lankan economy. Thirty agreements for these projects have already been signed.
“The country targets US $ 5 billion FDIs in 2016,” the official said.