Monday, 13th October 2014
Foreign direct investments (FDIs) to the country have reached a new high of US $ 1.364 billion by end-3Q14, a 57 percent increase from the same period last year.
Sri Lanka attracted US $ 870 million during the first nine months in 2013.
Sri Lanka surpassed US $ 1 billion FDIs in the shortest period t his year i n midSeptember. The country targets US $ 2 billion FDIs in 2014.
According to Investment Promotion Minister Lakshman Yapa Abeywardena, the bulk of the investments has been received for the tourism sector.
Meanwhile, Board of Investment (BoI) Chairman Dr. Lakshman Jayaweera said his agency has now started promoting investments into the research and development (R&D) sector as the government has identified this as a key sector, in tandem with the ‘five hub + one’concept of aviation, marine, commercial, knowledge, energy and tourism.
Dr. Jayaweera speaking to Mirror Business said that the Finance Ministry and BoI had now identified R&D has a precursor to develop all other areas in the economy and therefore, they were willing to provide the Strategic Development Project status for such projects although they do not meet the minimum investment criteria.
Sri Lanka spends less than 0.5 percent of gross domestic product (GDP) on R&D and remains among the world’s lowest spenders on this most significant area in an economy.
During the first nine months, the BoI firms have exported as much as US $ 4.84 billion worth of products, recording a 17 percent year-on-year increase and imported US $ 3.18 billion worth of raw materials and project-related items.
The BoI firms accounted for close to 60 percent of the total Sri Lankan exports.
In the period January to October 2014, the BoI received 161 applications. The t otal value of t hese applications was US $ 4.39 billion. However, the BoI signed only 112 agreements out of the above with a total value of US $ 1.78 billion.
From : Daily Mirror epaper Pg. No. 03 (http://epaper.dailymirror.lk/epaper/viewer.aspx )
