Sri Lanka gets US$1.2bn in FDI by November: provisional data

Dec 03, 2013 (LBO) – Sri Lanka is estimated to have received about 1.2 billion US dollars of foreign direct investment by November 2013, investment promotions minister Lakshman Abeywardene said. For 2013 Sri Lanka targeted 2.0 billion US dollars of investments and it is not clear whether the target will be met.

The data is provisional and it takes about three months to finalize actual numbers, Board of Investment director general Lakshman Jayaweera said.

Foreign direct investments include equity investments in new projects, expansions of existing projects including the use of retained profits and foreign loans arranged by promoters.

Minister Abeywardene claimed that said critics of two casino resorts have hurt investment prospects in the country and Sri Lanka needed higher levels of foreign investments to keep growth at 8.0 percent.

But other analysts have pointed out that ruler expropriation of private firms, lack of transparency, a general deterioration of rule of law and rising nationalism including the banning of freehold land holding by foreigners is also hurting investment prospects.

Abeywardene said Shangri La, a prominent Hong Kong based investor is expected to