Ministry Secretaries to discuss improving investment climate

A special meeting of secretaries from all ministries and authorities has been scheduled, to be held in two weeks time, in order to discuss matters on improving Sri Lanka’s investment climate, with foreign direct investment inflows lower than expected.

The meeting was scheduled after a successful meeting held between Minister and the Deputy Minister of Investment Promotions Lakshman Yapa Abeywardena and Faiza Mustapha, respectively, with Secretary to the President Lalith Weeratunga.

Minister Abeywardena yesterday told the Island Financial Review that they met in the morning and agreed to schedule a meeting with all secretaries of ministries and authorities after a fruitful discussion.

According to him, investments attracted to the country had been facing several issues from ministries and authorities involved in many subjects, which needed to be addressed for the country to reach high foreign direct investment levels.

Sri Lanka is targeting eight per cent plus growth in the coming years and expects public and private investments to reach 35 percent of GDP to sustain growth.

The country had so far received US$ 218 million in FDI for the first quarter of this year, with 37 worth more than a million dollars and 144 small projects less than a million dollars.

The Board of Investment had received a number of applications for projects worth more than US$ 300 million for a total of US$ five billion which are in the approval process.

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