Investments will flow into Sri Lanka after polls: CBK


June 16, 2015 (LBO) – Investors are waiting for the upcoming election to finish in order to bring in new projects to Sri Lanka, former President Chandrika Bandaranayake Kumaratunge said.

“We need to bring in investments and now the investors are ready to come,” she said at a recent media conference.

“Because they know that the polls are impending they have come and had the necessary discussions and put everything in place but will come only post election.”

Kumaratunge says that she had met several European investors in the past few years that had been keen to start projects in the Island but had faced difficulty during the Rajapaksa rule.

“I can tell you especially big European investors who had come and had discussions with the Board of Investment and were very keen to set up here but the only issue they had was that everyone wanted a commission,”

“Not one but all the departments and the politicians, some time they said the whole family wanted commissions,”

Now she says this issue is not there so they are all ready and waiting to invest.

Sri Lanka’s new 100 day administration took a back seat in setting a foreign direct investment goal for 2015 after authorities failed to meet their targets in the recent past.

In 2014 FDI increased by 9.2 per cent from 84 million US dollars to one billion US dollars according to statistics from the Central Bank’s annual report while FDI in 2013 declined by 2.7 per cent from a year earlier to 916 million US dollars.

According to investments advisors, Sri Lanka’s policy inconsistency is unhealthy for foreign investments and the mini budget 2015 also did not sent the right signals to the FDI community.