Sri Lanka approves US$3.6bn investments in 2013

Mar 13, 2014 (LBO) – Sri Lanka has approved 3.6 billion US dollar equivalent in investment projects in 2013 including 1.3 billion US dollars from domestic investors, an official said. “Last year we have signed agreements worth about 2.3 billion US dollars (from investors) and on top of that we also signed 1.3 billon US dollars worth of local investments,” Lakshman Jayaweera, Chairman of Board of Investment of Sri Lanka said.

“I find that local investors are coming very actively now signing agreements with the BOI.”

The BOI gives tax breaks for large investments including for imported capital goods used for start-up.

He said majority of the investments are coming for Infrastructure and mix development, tourism industry and construction sector.

“The agreements that we signed will not come everything this year. It will come stage by stage,” he said.

“We target over two billion US dollar worth of investment will come this year.”

He said the foreign direct investments flows for 2013 has not yet been finalized.

Officials earlier estimated that about 1.3 billion US dollars had come by November.