Sri Lanka targets US$2.5bn in FDI in 2014

Jan 10, 2014 (LBO) – Sri Lanka is targeting 2.5 billion US dollars in foreign direct investors in 2014 with 2013 estimated to have drawn about 1.3 billion US dollars, a minister said. Investment promotions minister Lakshman Abeywardene said FDI inflows had reached 870 million US dollars by September and full year data was still being finalized, but it was estimated to be around 1.3 billion US dollars.

Sri Lanka was initially expecting about 2.0 billion US dollars of FDI for 2013.

“We are very confident of getting 2.5 billion US dollars this year without any trouble, minister Abeywardena told reporters in Colombo.

Sri Lanka has several challenges in drawing foreign investments including a recent spate of expropriations of foreign and local investors and a deterioration of rule of law.

He said a profile project by Hong Kong based Shangri-La hotels has started piling work last week.

“We think that we will receive the agreed foreign investments from the Shangri-La as planned,” he said.

Minister Abeywardena said Sri Lanka’s Board of Investment (BOI) had received applications for large projects for this year which were worth 570 million US dollars.