SL aims to triple investment to $ 3 b in 2024: State Minister

State Minister of Investment Promotion Dilum Amunugama

• Emphasises political stability, financial certainty and confidence in future to attract investments
• Outlines successes achieved in attracting investments from countries like Britain, Canada, France, Italy, Germany
• Says Kankasanthurai Private Industrial Zoneto start with $ 500 m investment from Sri Lankan business group based in Canada
• Calls for continuity in policy direction, towards economic prosperity

State Minister of Investment Promotion Dilum Amunugama announced on Friday a bold objective to attract over $ 3 billion in investments this year. 

Speaking at the Presidential Media Centre, he outlined ambitious plans to significantly boost investment inflows into the country.

“The targets assigned to the State Ministry of Investment Promotion by the Finance Ministry for 2024 could potentially triple by the end of this year,” Amunugama stated, highlighting the Government’s commitment to accelerating economic growth through increased investment.

He noted that the groundwork laid in the first quarter of the year had positioned them to exceed the initial investment target set by the Finance Ministry. 

Additionally, he said efforts to promote investments abroad were initiated by appointing representatives to the investment board, signalling a proactive approach to attract foreign direct investments (FDIs).

Amunugama emphasised the critical role of political stability, financial certainty and confidence in the future to lure investments. 

He stressed that creating an environment conducive to investment was paramount, and recent progress indicated a significant improvement, with a 200% increase in investment prospects compared to two years ago.

Highlighting successes in countries like Britain, Canada, France, Italy and Germany, the State Minister credited project promotion activities conducted via global forums involving Sri Lankan businessmen abroad for attracting investments.

Amunugama also outlined plans for private industrial zones near Trincomalee, Mankulam, Paranthan and Kankasanthurai with the Kankasanthurai Private Industrial Zone set to commence operations. “A Canadian-based Sri Lankan business group is spearheading this initiative with a $ 500 million investment,” he stressed.

Under the Trincomalee District Development Plan, sectors like solar and wind energy, along with green hydrogen, are expected to witness significant investments. 

“Collaboration with India on this front is anticipated following the completion of debt restructuring,” Amunugama added.

The State Minister affirmed the importance of continuity in policy direction, praising President Ranil Wickremesinghe for laying the foundation for economic progress. He urged unity in walking this path towards economic prosperity.