Sri Lanka gets US$218mn FDI in first quarter 2013

May 14, 2013 (LBO) – Sri Lanka has received 218 million US dollars of foreign direct investments in the first quarter of 2013 and is targeting two billion dollars for the full year, investment promotion minister Lakshman Abeywardena said. In 2012 Sri Lanka received 1,338 million US dollars in FDI up from 1,066 million US dollars a year earlier, though authorities were targeting 2.0 billion rupees.

The money has come from 37 projects greater than a million US dollars and 144 projects smaller than a million US dollars.

The investors came from, Taiwan, Canada, Virgin Islands, Netherlands, Singapore, UK, Australia and India.

Minister Abeywardena said Sri Lanka’s Board of Investment had received a number of applications greater than 300 million US dollars which were worth 5.0 billion US dollars.

He said Sri Lanka was targeting 2.0 billion US dollars of FDIs this year.

Abeywardena said special attention was being given to speed up approvals. Once approved, it took about two to five years for the FDI to flow into the country, he said.