Sri Lanka has made significant strides in its economic development, securing $8 billion in export revenue during the first half of 2024. In addition, investment agreements totaling $800 million were signed within the same period, according to Investment Promotion State Minister Dilum Amunugama.
Speaking at a press briefing titled “Two Years of Progress and Advancements” held at the Presidential Media Centre, Amunugama highlighted the efforts of the Board of Investment (BOI) of Sri Lanka, which currently facilitates 15 investment zones. These zones host 1,575 companies and provide employment to over 500,000 individuals. The government is set to expand its investment program with seven additional zones planned in areas such as Mankulam, Paranthan, Kankasanthurai, Trincomalee, Iranawila, Hambantota, and Bingiriya.
While the target for 2024 was to secure $1 billion in investment deals, Amunugama noted that $800 million has already been achieved in just six months. Negotiations for 35 investment projects have been finalized, and agreements have been signed. A notable initiative includes the development of the Kankasanthurai Investment Zone as a joint Canadian-Sri Lankan venture.
In an effort to boost export income, 27 ‘Export Promotion’ projects have been launched, with future plans to implement the ‘One Village One Product’ initiative across 14,000 Grama Niladhari divisions. Additionally, an e-commerce platform is being developed to further increase export revenues.
Regarding the Colombo Port City, Amunugama mentioned that 46 out of 118 land plots have been allocated to a Chinese contracting company, with six of these plots later returned to Sri Lankan companies. To date, 21 organizations have been approved to establish businesses in the port city, with ongoing efforts to attract further investments.
The State Minister also revealed plans to develop the Pelwatte Sugar Factory, with all these initiatives expected to significantly bolster Sri Lanka’s economy.
Key officials present at the press briefing included Investment Promotion Ministry Secretary M.M. Nayeemudeen, BOI Director M.K.D. Lawrance, Sri Lanka Export Development Board Chairman Dr. Kingsley Bernard, and Colombo Port City Economic Commission’s Chief Operating Officer Revan Wickramasuriya.