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Sri Lanka able to attract more
Thursday, 22 October 2009 - 3:51 PM SL Time
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Despite the economic turmoil Sri Lanka will be able to attract more foreign direct investments in the second half of this year.
Compared to last year Sri Lanka will have improved opportunities in attracting foreign direct investments compared to countries such as China and India, Board of Investment (BOI) Deputy Director General (Investment) A.M.C. Kulasekera told Daily News Business.
Sri Lanka received the highest foreign direct investments of US $ 888.94 million last year. A few developed countries in the world faced a 3-7 percent decline in foreign direct investment due to the economic recession and Sri Lanka also had to face the effects of it. The foreign direct investment is expected to increase in the second half of this year and it will be 70-75 percent of the achievement last year, he said.
Countries such as India, the UK and Germany have come forward in investing in Sri Lanka in IT and BPO sector as well as in hotels and restaurants during last year and 2009.
Among the countries that invested in Sri Lanka, China holds significant place with an investment of US $ 64.760 million from January-June, 2009. India, Malaysia, the UK and Luxembourg are the countries that invested in Sri Lanka during this year.
He said that there was a US $ 72.281 million investment in sectors of textile, wearing apparel and leather in 2008 whereas this sector recorded US $ 25.076 million from January - June this year.
Despite all the challenges faced by the BOI, it had adopted simplified methods to attract more investors into the country. Investors are assisted with quick responses and all the information on investments by BOI. Therefore, many investors came into Sri Lanka even in the midst of difficulties, he said.
Foreign Direct Investment
of BOI Enterprises
January-June 2009* -by Sector
Values in (US$ Mn.)
Sector Excluding loan Including loan
US$ (Mn.) US$ (Mn.)
Manufacturing 44.001 44.681
Agriculture 0.390 0.472
Services 24.388 24.608
Infrastructure 111.313 182.867
Grand Total 180.092 252.628
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