• Wednesday, May 29, 2024

Headline news

Government to triple investment target, anticipates over £2 billion inflow

State Minister Dilum Amunugama shared that this year Sri Lanka initiated investment promotion efforts in foreign countries by appointing representatives to the investment board. (Photo credit: Dilum Amunugama)

By: Vibhuti Pathak

State Minister Dilum Amunugama announced confidence in exceeding 2024 investment goals, citing improved investor sentiment, the government aims to target £2.19 billion in investments. Initiatives include global promotion efforts and joint industrial zone ventures. Emphasis on renewable energy sectors and collaboration with India for development projects highlighted.
The government is preparing to recover from the economic crisis and bring ease to people. With multiple investments and privatisation initiatives, the country is all set to triple the investment target set for 2024, said State Minister of Investment Promotion Dilum Amunugama.
Amunugama, addressing a press conference on Friday said that the authorities are confident in attracting over £2.19 billion in investments to the country.
“It is important to note that the investment projects signed in 2023 will be executed this year, though they are not counted as part of this year’s investments,” said Amunugama.
He also firmly mentioned that the investment background of the country has significantly improved showing a 200 per cent progress from since last two years, making the country favourable for investors.
He shared that this year Sri Lanka initiated investment promotion efforts in foreign countries by appointing representatives to the investment board.
“Remarkable successes have already been achieved in countries such as Britain, Canada, France, Italy, and Germany through project promotion activities conducted via global forums comprising Sri Lankan businessmen residing abroad,” he noted.
The Kankesanthurai Private Industrial Zone, part of a series near Trincomalee, Mankulam, and Paranthan, is gearing up for operations. Spearheaded by a Sri Lankan business group in Canada, the initiative involves a  £365 million investment to attract projects to the zone, revealed Amunugama.
Furthermore, under the Trincomalee District Development Plan, sectors like solar and wind energy, along with green hydrogen, are poised to emerge as significant investments in the country. “Following the completion of debt restructuring, we aim to expedite this development project in collaboration with India,” he stressed.

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