Sri Lanka is set to re-contract 30 to 40 suspended foreign direct investment (FDI) projects following a surge in investor confidence, according to state media reports. The move comes as foreign investors express their willingness to revive these projects amidst the country's recovering economy.
Dilum Amunugama, the State Minister for Investment Promotion, stated that the government aims to attract approximately $2 billion in FDI this year, surpassing previous targets. Amunugama attributed the growing interest from foreign investors to Sri Lanka's political stability and the government's economic programs.
In a bid to attract further investments, former British Prime Minister David Cameron is scheduled to promote the Colombo Port City to potential investors in Abu Dhabi and Dubai. Amunugama emphasized that the necessary legal framework has been established to facilitate investors' entry into the port city.
Besides, Amunugama announced earlier that the government plans to propose special tax breaks and concessions for large-scale foreign direct investors in the information technology and vehicle assembly sectors as part of the 2024 budget. This initiative aims to encourage more foreign investments in these industries.
With the re-contracting of suspended FDI projects and the implementation of measures to attract new investments, Sri Lanka anticipates a boost in economic growth and job creation in the coming months.
