Sri Lanka has secured Foreign Direct Investment (FDI) agreements totaling $800 million for 35 projects in the first quarter of 2024, according to Investment Promotion State Minister Dilum Amunugama.
In a recent interview with Derana TV, Amunugama highlighted that in 2023, Sri Lanka signed FDI agreements worth $1.2 billion following its engagement with the International Monetary Fund (IMF). For 2024, the Treasury has set an FDI target of $1 billion, and with $800 million already signed in the first quarter, the country is on track to meet this goal.
The agreements encompass projects in key sectors such as tourism, agriculture, energy, mineral sands, and logistics. Amunugama noted ongoing discussions on additional high-value projects and expressed optimism about potentially surpassing the target if the investor environment remains stable amidst election announcements.
He also emphasized that the recently enacted Economic Transformation Act (ETA) has bolstered investor confidence, with potential to achieve an annual FDI target of $5 billion.
Regarding the Port City, Sri Lanka has successfully passed all required regulations for the economic zone. The cabinet has approved 20 strategic business investments (BSIs) for the Port City, with 50 more awaiting approval after discussions with 300 BSIs.