360° Coverage : China becomes Sri Lanka's largest foreign investor

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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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46 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
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Source: HeadlinesToday.in   Full article at: HeadlinesToday.in
 

 
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2 weeks ago

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ISLAMABAD - Governor Punjab, Chaudhry Muhammad Sarwar on Saturday said that protest demonstrations and sit-ins launched by Pakistan Tehrik e Insaf (PTI) and Pakistan Awami Tehrik (PAT), has badly hit the economy of the country. He said that leaders of China, Sri Lanka and Qatar could not visit Pakistan due to these protests and sit-ins. ...
Source: The Nation - Pakistan   Full article at: The Nation - Pakistan
 

 
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2 weeks ago

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Oct 3 2014 2:00pm CDT | Source: The Nation - Pakistan

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Source: The Nation - Pakistan   Full article at: The Nation - Pakistan
 

 
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Source: The Nation - Pakistan   Full article at: The Nation - Pakistan
 

 
Update
5

4 weeks ago

Pakistan thrash Sri Lanka 14-0 in campaign opener

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Incheon Defending champions Pakistan beat Sri Lanka 14-0 in their first match of 2014 Asian Games hockey event in Seonhak Hockey Stadium, South Korea. The new pattern of field hockey with four quarters of 15 minutes instead of two halves of 35 minutes came into play in the match. Pakistan took an unassailable 4-0 lead in the first quar ...
Source: The Nation - Pakistan   Full article at: The Nation - Pakistan
 

 
Update
4

5 weeks ago

China’s Xi holds talks with Sri Lankan president

Sep 16 2014 2:00pm CDT | Source: The Nation - Pakistan

COLOMBO - China’s President Xi Jinping held talks Tuesday with his Sri Lankan counterpart, seeking to strengthen defence ties with the strategically located Indian Ocean nation that could provoke unease in neighbouring India. China is increasingly asserting its influence in Sri Lanka, a midway point on one of the world’s bus ...
Source: The Nation - Pakistan   Full article at: The Nation - Pakistan
 

 
Update
3

5 weeks ago

Maldives promises Chinese president support for his modern ‘Silk Road’ initiative

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MALE, Maldives – Chinese President Xi Jinping began a weeklong tour of South Asia on Monday, choosing the tiny island nation of the Maldives to tout his vision for a modern maritime “Silk Road.” Maldives President Yameen Abdul Gayoom said his country was ready to participate actively in the initiative to create a shipping route from China to Europe via West Africa. Smaller Indian Ocean nations like the Maldives and Sri Lanka could become key stops along such a ...
Source: Canadian Business Online   Full article at: Canadian Business Online
 

 
Update
2

6 weeks ago

Rashid slams Waqar, Mushtaq for not handling Ajmal issue

Sep 11 2014 2:00pm CDT | Source: The Nation - Pakistan

Karachi - Former Pakistan captain Rashid Latif Wednesday slammed chief coach Waqar Younis and spin coach Mushtaq for not handling Saeed Ajmal and exposing too much during series against Sri Lanka. “To be fair, I think Saeed Ajmal should not have played at all in the 2-Test match series against Sri Lanka,” he said in s ...
Source: The Nation - Pakistan   Full article at: The Nation - Pakistan
 

 
Update
1

7 weeks ago

Pakistani bating line collapses again

Aug 30 2014 8:06am CDT | Source: The Nation - Pakistan

Colombo- With a dismal performance in a decisive one-day international against Sri Lanka, Pakistani bating line collapsed again; all out for 102. Pakistan captain Misbah-ul Haq won the toss and chose to bat in the third ODI in Dambulla today. All batsmen were out in 32.1 overs. Nine wickets fell at 88 and the final wicket collapsed at 102. Pakistan ...
Source: The Nation - Pakistan   Full article at: The Nation - Pakistan
 

 

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