Sri Lanka hopes to attract US$ 1.75bn FDI in 2012
by Thilina Pathum
Sri Lanka’s FDI (Foreign Direct Investment) inflows has exceeded its target of US$ 1 billion in the year 2011 as there were influx of investment in the spheres of rapidly developing tourism sector since the end of three decade war in May 2009.
The FDI reached US$ 1.07 billion by December 2011, and the government now targets a record USD 1.75 billion investments in the year 2012 thanks to the boom in the tourism sector. This year’s investment proposals included FDI values of US $ 189.1 million mainly coming from the proposed hotel development which includes a four-star resort in the coastal area from Hong Kong based Shangri-La Hotel chain.
According to Sri Lanka Ports Authority Chairman, Dr Priyath Wickrama by the end of next year the Hambantota Mahinda Rajapaksa Port too would secure investments to the tune of US $ one billion.
The Hambantota oil tank farm which is one of the biggest investment projects in the area is expected to be opened early next year.
Sri Lanka’s previous highest FDI inflows were seen in 2008, when Sri Lanka attracted 889 million US $ in 2010. Sri Lanka received 236 million US dollars in foreign direct investments in the first quarter of 2011; Tourism, Apparels and the IT sector were among the key contribution to this growth.
(Source: www.nation.lk – 31st December, 2011)