Investment Wave

Minister appoints Dr Swaminathan to IPACSL as Chairperson

June 07, 2012 (LBO) – Sri Lanka hopes to attract five billion dollars in foreign direct investments from the ports sector by 2014, which includes a project to build a formula one track on reclaimed land, a report said. Expanding Investor Mix

Wickrama said foreign investors should also look at Sri Lanka, for its close proximity to South Asia.

We currently have a lot of investment opportunities here and we’ve got investors from India, Pakistan, Singapore, Australia and China, but only one investor from Europe,” he said urging Western businessmen to take a serious look at Sri Lanka.

Incidentally, regional power India rejected the offer to build the Hambantota port saying it was not commercially viable. But China took up the challenge, creating an unease in New Delhi.

While China has agreed to build the new Colombo port terminal, Chinese firms have pledged to invest around 50 billion dollars spread over the next 15-years, according to official figures.

China is also funding port facilities in Pakistan, a long-standing ally, and has plans for rail projects in Nepal, a traditionally India-aligned country where Beijing is increasingly influential.

Sri Lanka has often dismissed spec