Sri Lanka – Singapore FTA: Over USD 16Bn investment projects under discussion

Jul 16, 2018 (LBO) – Projects with a total investment value of over US 16 billion dollars mainly in manufacturing for exports are the first projects to realize since the Sri Lanka-Singapore FTA was implemented on May 1, 2018, the Board of Investment (BoI) in Sri Lanka said.

“Sri Lanka is gearing to reap the benefits of the Free Trade Agreement with Singapore, with four mega projects being discussed at present,” the agency said.

The largest of these is an export oriented oil refinery valued at US 14.8 billion dollars in Hambantota. The second is a US1 billion investment in a steel manufacturing plant in Trincomalee.

The other two projects will be both in Hambantota: a US 200 million dollars sugar refinery and US 50 million dollars flour mill, both for local and export markets.

These proposals are being evaluated and will be implemented as soon as land is identified, the BOI said.

Sri Lanka held an investment forum in Singapore targeting companies encouraged by the FTA, last week.

The forum was attended by Prime Minister Ranil Wickremesinghe, Minister of Development Strategies and International Trade Malik Samarawickrama and officials of the BOI, Sri Lanka Customs and MODSIT.