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Asian Tribune is published by World Institute For Asian Studies|Powered by WIAS Vol. 12 No. 2731

Sri Lanka plans to grab US$ one billion FDIs during this year

Sunil C. Perera, Reporting from Colombo

Colombo, 19 October, ( Sri Lanka plans to obtain an ambitious target of nearly one billion US dollar in Foreign Direct Investments [FDI] during this year. Rohitha Bogollagama, Minister of Enterprise Development and Investment Promotion said during last eight-month period Sri Lanka received over US$ 340 million FDI and all FDIs are related to green field investments.

Releasing the 'World Investment Report - 2006,' compiled by the United Nations Conference for Trade and Development [UNCTAD] he said Sri Lanka did not had any mergers or acquisitions during this year.

In first time of the Sri Lankan history the Board of Investment has released UNCTAD World Investment Report.

"We tapped various investment fields and now Sri Lanka moves to Oil Exploration field," said Minister Bogollagama .

Responding queries made by the media, Rohitha Bogollagama said Sri Lanka would become a major player in terms of FDI in the South Asian Region. He said most Asian countries have come forward to invest in real-estate sector, power sector and manufacturing sector. A number of development projects have kicked off .This is a significant milestone in local FDI sector, the Minister said.
According to the data and text of the World Investment Report Sri Lanka achieved US$ 272 million FDI in last year, an increase compared to US$ 233 million in 2004.

Speaking at a press briefing held on Wednesday, Additional Director General of the BOI , Dr.Bandula Perera said that Asian countries are now on top of the FDI list . Developed countries grabbed 60 percent of the world’s FDI and balance is with the developing countries. However, investors said Sri Lanka needs a peaceful situation to grab more Investments. At present LTTE and the government forces are fighting and heavy security system is been in force in the Colombo City.

"We cannot invest or ask further investments from our overseas buyers," said a leading businessman based in Colombo.

However the government of Sri Lanka has extended its interest to attend proposed Geneva discussions with the LTTE organized by Norway the peace facilitator.

- Asian Tribune -

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