11 Updates

China becomes Sri Lanka's largest foreign investor

Dec 3 2013, 8:12am CST | by IANS

Colombo, Dec 3 (IANS) China has emerged as Sri Lanka's largest foreign direct investor accounting for 24 percent of the inflows in 2013, an official said here Tuesday.

Colombo, Dec 3 — China has emerged as Sri Lanka's largest foreign direct investor accounting for 24 percent of the inflows in 2013, an official said here Tuesday. The Sri Lankan government has set a...

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34 weeks ago

China becomes Sri Lanka's largest foreign investor

Dec 3 2013, 8:12am CST | by IANS

Colombo, Dec 3 (IANS) China has emerged as Sri Lanka's largest foreign direct investor accounting for 24 percent of the inflows in 2013, an official said here Tuesday.

Colombo, Dec 3 — China has emerged as Sri Lanka's largest foreign direct investor accounting for 24 percent of the inflows in 2013, an official said here Tuesday.

The Sri Lankan government has set a target of $2 billion in foreign direct investment (FDI) for 2013 and as of November had achieved $1.2 billion of the target.

Investment Promotion Minister Lakshman Yapa Abeywardene said companies from China accounted for the largest amount of FDI into the country followed by Hong Kong with 12 percent.

Singapore came third in line with 10 percent, while the Netherlands and Malaysia rounded out the top five.

"We are very satisfied with the FDI progress this year. Last year FDI was $1.2 billion. We have already matched this amount and are confident of exceeding it by December. This year FDI created 10,000 additional jobs in Sri Lanka," he added.

Around 31 percent of the FDI was for manufacturing with 19 percent for port terminals and 17 percent for telecommunications. Property development received 13 percent of the investment, while hotels and restaurants grabbed 6 percent.

In contrast, agriculture, information technology and business process outsourcing industries only got 1 percent each of FDI.

"In 2013 the state-run board of investment approved 118 FDI projects with a combined value of $1.9 billion. Of these, 105 projects have had their agreements signed, while 55 have begun implementation," he added.

More than 100 Chinese delegates participated in the Commonwealth Business Forum held last month on the sidelines of the Commonwealth Heads of Government Meeting, where deals amounting to over $1.5 billion were signed with Chinese companies.

After Sri Lanka ended a 30-year war in 2009, China has emerged as largest loan provider with $1.2 billion in 2009 and $821 million in 2010 to Sri Lanka.

In 2011 the loan amount fell to $784.7 million, but China remained involved in almost all the large-scale projects in Sri Lanka, according to the finance ministry.

IANS

Source: IANS

 
Update
11

1 day ago

Lankan Navy arrests 50 fishermen

Jul 29 2014 2:08am CDT | Source: Business Standard

Fifty fishermen from Nagapattinam and Karaikal have been arrested by the Sri Lankan Navy personnel for allegedly fis ...
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Update
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1 day ago

South Africa: Sri Lanka Vs. South Africa - Five Things We Learned From the Second Test

Jul 29 2014 2:03am CDT | Source: AllAfrica.com

[Daily Maverick]Another backs-against-the-wall Test, another great escape. South Africa won a Test series for the first time in over two decades after a gritty draw against Sri Lanka in Colombo. ANTOINETTE MULLER pi ...
Source: AllAfrica.com   Full article at: AllAfrica.com
 

 
Update
9

1 day ago

Sarfraz urges players to focus on fitness

Jul 28 2014 2:00pm CDT | Source: The Nation - Pakistan

ISLAMABAD - Former Test cricketer Sarfraz Nawaz has urged the national players to work on their physical fitness keeping in mind the tough weather conditions of Sri Lanka in August. Pakistan will play two Tests and three ODIs against Sri Lanka starting next month. Talking to APP, Sarfraz said: “It was a good decision of the Pakistan Cricket Board to hold a camp in the holy month of R ...
Source: The Nation - Pakistan   Full article at: The Nation - Pakistan
 

 
Update
8

1 day ago

South Africa draw Test, jump to number one

Jul 28 2014 2:00pm CDT | Source: The Nation - Pakistan

COLOMBO - A gritty South African tail fought off Sri Lanka’s spinners to snatch a nerve-jangling draw in the second Test and seal a historic 1-0 series win. The series victory propelled South Africa to the top of world Test ranking ahead of Australia and also ended their 21-year-old jinx on the island. It was their first series win in Sri Lanka since 1993 when they first toured the country ... ...
Source: The Nation - Pakistan   Full article at: The Nation - Pakistan
 

 
Update
7

1 day ago

South Africa draw Test, jump to number one

Jul 28 2014 10:39am CDT | Source: Business Day

A gritty South African tail fights off Sri Lanka’s spinners to snatch a nerve-jangling draw in second Test and sea ...
Source: Business Day   Full article at: Business Day
 

 
Update
5

1 day ago

Devendro enters quarters, Shiva ousted from CWG

Jul 28 2014 9:49am CDT | Source: Business Standard

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Source: Business Standard   Full article at: Business Standard
 

 
Update
4

2 days ago

Sangakkara stars for Sri Lanka

Jul 27 2014 2:00pm CDT | Source: The Nation - Pakistan

COLOMBO - Kumar Sangakkara and skipper Angelo Mathews struck brisk half-centuries to help Sri Lanka set up a thrilling finale to the series-deciding second Test against South Africa on Sunday. Sangakkara (72) hit his tenth 50-plus score of the year and Mathews chipped in with an unbeaten 63 as the hosts declared their second innings on 229-8 shortly before close of play to ...
Source: The Nation - Pakistan   Full article at: The Nation - Pakistan
 

 
Update
3

2 days ago

Sri Lanka's Test debutant Dickwella fined

Jul 27 2014 2:00pm CDT | Source: The Nation - Pakistan

COLOMBO:-Sri Lanka's debutant wicketkeeper Niroshan Dickwella was Sunday fined 10 percent of his match fee for claiming an unfair catch on day three of the ongoing second Test against South Africa. The 21-year-old player was found guilty of conduct that is either "contrary to the spirit of the game" or "brings the game into disrepute", the International Cricket Co ...
Source: The Nation - Pakistan   Full article at: The Nation - Pakistan
 

 
Update
2

4 days ago

Misbah hopes Pak players quickly reach Test speed

Jul 25 2014 2:00pm CDT | Source: The Nation - Pakistan

LAHORE - Pakistan captain Misbahul Haq hopes his players will quickly find their Test match groove when they play the first match of a two-game series against Sri Lanka at Galle on August 6. Pakistan hasn’t played a Test since drawing the series 1-1 against Sri Lanka in January at Sharjah, where it sensationally chased down 302 runs in 57.3 overs on the last evening. In the meantime, Sr ...
Source: The Nation - Pakistan   Full article at: The Nation - Pakistan
 

 
Update
1

5 days ago

Ton-up Jayawardene shows class against Africa

Jul 24 2014 2:00pm CDT | Source: The Nation - Pakistan

COLOMBO - The retiring Mahela Jayawardene showed what Sri Lanka would be missing as he smashed an unbeaten 140 on the first day of the series-deciding second Test against South Africa on Thursday. Jayawardene, 37, came in to bat when Sri Lanka were reeling at 16-2 but the stylish right-hander batted through for more that six hours to take his side to 305-5 a ...
Source: The Nation - Pakistan   Full article at: The Nation - Pakistan
 

 

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