Lanka to muster US$ 1.4 bn FDI in 1H, US$ 2.75 bn by end 2018

views 577 2018-05-31 10:43:00 business

Minister, Malik Samarawickrama,  DG, BOI Duminda Ariyasinghe, Chairman BOI, Dumindra Ratnayake launching the SWIFT web site. Picture by Roshan Pitipana 
Minister, Malik Samarawickrama, DG, BOI Duminda Ariyasinghe, Chairman BOI, Dumindra Ratnayake launching the SWIFT web site. Picture by Roshan Pitipana
Sri Lanka will attract 1.4 billion foreign direct investment in the first six months of 2018, said Minister of Development Strategies and International Trade, Malik Samarawickrama.

He said the country will attract a record US$ 2.75 billion by the end of 2018 bettering the previous record of 1.9 billion in 2017 end.

Speaking at the launch of Board of Investment’s Single Window Investment Facilitation Taskforce (SWIFT) at Cinnamon Grand yesterday he said that this is a clear endorsement that the government economic policies are well accepted by both local and global investors. It also proves investor confidence for Sri Lanka.

The minister said that the under the first phase of SWIFT, six line entities, Colombo Municipal Council, Urban Development Authority, Sri Lanka Customers, Inland Revenue Department and Department of company Registrars have been roped in. In addition 18 other entities will be joining SWIFT by then end of this year.

Minister Samarawickrama said that SWIFT will help an investor to register his investment and get all approvals online and without even visiting the BOI or any other relevant department. “We hope that SWIFT will help to clear red tape affecting investment by 20%.” Minister also said that the new virtual portal would also help Sri Lanka to improve on the Global Doing Business Index as well.

Samarawickrama said that when they took over the government faced a huge foreign tax burden and the way out of this was to attract more foreign and local FDI and also boost exports.

Meanwhile Country Director World Bank, Sri Lanka and the Maldives, Dr. Idah Pswarayi-Riddihough said that SWIFT was a very welcome move and they fully endorsed it. She also said the World Bank was happy with the government’s reform agenda though its being misunderstood and misinterpreted by many.

Director General, BOI Duminda Ariyasinghe, said that the new SWIFT portal may have errors but it’s the first step taken to reduce red tape and promote investments with more transparency.

(under the courtesy of news web)

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