Sri Lanka hopes to attract over USD 3 billion in investments to Sri Lanka this year, said State Minister of Investment Promotion, Dilum Amunugama.
The State Minister emphasised at a press conference at the Presidential Media Centre (PMC) on Friday that political stability, financial stability, and certainty about the future are key positive factors to attract investments into the country.
“The presence of investments indicates the presence of these conditions.”
He said that the country’s investment environment has undergone a remarkable 200% enhancement compared to two years ago. “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.”
He said that the targets assigned to the State Ministry of Investment Promotion by the Ministry of Finance for 2024 could potentially triple by the end of this year.
“I can confidently affirm that the investment background has significantly improved, showing a 200% progress from two years ago, making it favourable for investors.”
During the previous economic crisis, investors were doubtful, but I can now provide statistics indicating their return to our country. It is noteworthy that we have surpassed the targets set by the Ministry of Finance. This success is largely recognized by the proactive role played by the government, including the President.
By the first quarter of this year, we had successfully concluded the activities required for meeting the investment target set by the Ministry of Finance. As a result, we are now poised to triple the investment target by the end of 2024.
This year we 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.
Among the private industrial zones to be jointly established with the Government near Trincomalee, Mankulam, Paranthan, and Kankesanthurai, the Kankesanthurai Private Industrial Zone is poised to commence operations. A Sri Lankan business group based in Canada is spearheading this endeavour with a USD 500 million investment.
“Following the completion of debt restructuring, we aim to expedite more development projects in collaboration with India.”
