SL draws record $ 2.3 b FDI in 2018, eyes $ 3 b this year despite political challenges: Malik

Despite political challenges, Sri Lanka has drawn the highest ever Foreign Direct Investments (FDIs) worth $ 2.3 billion last year, prompting Development Strategies and International Trade Minister Malik Samarawickrama to be optimistic of increasing it to $ 3 billion this year.

The 2018 achievement and forecast for 2019 was revealed by the Minister when he spoke at the launch of a Rs. 30 billion mixed development project in Battaramaulla by the Ministry of Megapolis and Western Development on Friday as a public private partnership with Riemersma Management Company (RMC)’s Essar Project. 

“Despite the political crisis towards the end of last year, we have overcome it and are moving forward resolutely,” said Minister Samarawickrama. 

“What is clear from how it was resolved is that there is no room for unconstitutional acts in our country, and we have shown that the Judiciary stands firmly and strongly on the side of what is right. 

This should give an enormous sense of confidence to any foreign investor – and where the Judiciary remains independent and just, there is a good foundation for international business. We have shown the resilience of our institutions – something which our Government strived hard to build since winning the elections in 2015,” the Minister added. 

He said last year Sri Lanka welcomed two delegations of Sovereign Wealth Funds including from the Investment Corporation of Dubai, Temasek International of Singapore, Khazanah Malaysia, and the Kuwait Investment Authority. “During these visits, they explored opportunities in the Megapolis project, as well as strategic tourism projects,” he added.

He also said last year the BOI introduced the ‘SWIFT’ online portal for investor applications and investor approvals, connecting dozens of regulatory agencies and other authorities with just a few clicks. “We have an ongoing work program to improve the ‘Ease of Doing Business’ as per the World Bank index, and I am pleased to report that in the 2019 report, Sri Lanka jumped up 11 places. We hope to keep improving, with our eye on reaching 70th place by 2022,” Samarawickrama added.