Basil says FDI could top $2b in 2012; $400m inflow in Q1

Wednesday, 11 April 2012 00:55 - - {{hitsCtrl.values.hits}}

Economic Development Minister Basil Rajapaksa has hinted that foreign direct investment (FDI) into the country this year could surpass the targeted figure of $2 billion, up from $1 billion.

The target was “a very big task, but I am confident we may surpass it,” Minister Rajapaksa has told Reuters in an interview yesterday.

FDI hit $400 million in the first quarter and some $1.4 billion of investments were in the pipeline and pending approval in the tourism sector alone.

Rajapaksa said investments were also ongoing in pharmaceuticals and rubber products.

“The main challenge in 2012 is the global slowdown and the (troubles in)... the eurozone and also the slow recovery of the US economy. And on top of that the oil price and different embargoes,” he added.

Discover Kapruka, the leading online shopping platform in Sri Lanka, where you can conveniently send Gifts and Flowers to your loved ones for any event including Valentine ’s Day. Explore a wide range of popular Shopping Categories on Kapruka, including Toys, Groceries, Electronics, Birthday Cakes, Fruits, Chocolates, Flower Bouquets, Clothing, Watches, Lingerie, Gift Sets and Jewellery. Also if you’re interested in selling with Kapruka, Partner Central by Kapruka is the best solution to start with. Moreover, through Kapruka Global Shop, you can also enjoy the convenience of purchasing products from renowned platforms like Amazon and eBay and have them delivered to Sri Lanka.