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Sri Lanka aims to triple investment target, expects inflow of over £2 billion

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Sri Lanka’s State Minister of Investment Promotion, Dilum Amunugama, has announced the government’s confidence in exceeding its 2024 investment goals. With improved investor sentiment, the government aims to target £2.19 billion in investments. Initiatives include global promotion efforts and joint industrial zone ventures, with an emphasis on renewable energy sectors and collaboration with India for development projects.

Amunugama expressed optimism about attracting over £2.19 billion in investments to the country. He noted that investment projects signed in 2023 will be executed this year, though they are not counted as part of this year’s investments.

The state minister highlighted the significant improvement in Sri Lanka’s investment background, showing a 200 percent progress over the past two years, making the country more favorable for investors. Sri Lanka has 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,” Amunugama 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.

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,” Amunugama stressed.

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