The BOI said that FDI into Sri Lanka grew to over US$1.63bn in 2017, doubling from the US$802m achieved the previous year.
The BOI, the agency tasked with promoting and facilitating FDI, reported that US$1.63bn has been achieved in 2017, which is the highest ever surpassing the US$ 1.61 in 2014, with solid growth across key sectors.
The strong growth is a direct consequence of the Government’s reorientation of economic policy towards investment and export driven growth, rather than debt-funded public infrastructure spending. Among the highest growth sectors were export-oriented Manufacturing (+27%) and Services which includes Tourism and IT (+50%) and Infrastructure (+190%).
“The highest FDI came from China, followed by Hong Kong, India and Singapore,” the BOI said.
The BOI, under the Ministry of Development Strategies and International Trade, is the first point of contact for foreign investors into the country.
Over the past 2 years, the BOI has targeted both new investors, leveraging the country’s strengths and advantages, as well utilizing existing investors to increase reinvestments and to utilize their external networks to bring in new investors in sectors such as export-oriented manufacturing.
Minister of Development Strategies and International Trade Malik Samarawickrama said that while Sri Lanka has achieved strong FDI results in 2017, the country has only scratched the surface of its full potential.
The Minister said the country’s target was to achieve US$5b in FDI by 2020.