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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38 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

2 days ago

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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 welcomed back spin s ...
Source: The Nation - Pakistan   Full article at: The Nation - Pakistan
 

 
Update
10

3 days ago

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Update
9

4 days ago

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

KARACHI - Pakistani cricket authorities are prepared for the worst possible scenario in the Saeed Ajmal bowling action case. An official in the Pakistan Cricket Board (PCB) said on Wednesday that Ajmal had joined the Pakistan squad in Sri Lanka for the final one-day international. "We have been told we will be informed about the findings of his bowling action tests conducte ...
Source: The Nation - Pakistan   Full article at: The Nation - Pakistan
 

 
Update
8

6 days ago

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Aug 26 2014 2:00pm CDT | Source: The Nation - Pakistan

HAMBANTOTA - Thisara Perera smashed 65 off 36 balls and then grabbed three wickets as Sri Lanka thumped Pakistan by 77 runs in the second one-dayer on Tuesday to level the three-match series 1-1. Sri Lanka recovered from 194-6 to post a commanding 310-9 in their 50 overs after electing to bat, before dismissing Pakistan for 233 in 43.5 overs in the da ...
Source: The Nation - Pakistan   Full article at: The Nation - Pakistan
 

 
Update
7

1 week ago

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Source: Business Standard   Full article at: Business Standard
 

 
Update
5

1 week ago

Muthoot Finance picks up 30% stake in Lankan NBFC for $ 2.1 million

Aug 25 2014 8:54am CDT | Source: Business Standard

Facing growth headwinds following regulatory tightening, leading pure-play gold financier Muthoot Finance today announced branching out to neighbouring Sri Lanka by acquiring a 30 per cent s ...
Source: Business Standard   Full article at: Business Standard
 

 
Update
4

1 week ago

Sri Lanka vs. Pakistan, 2nd ODI: Where to Watch, Preview and Betting Odds

Aug 25 2014 7:09am CDT | Source: IBTimes UK

Sri Lanka face Pakistan in the second ODI on Tuesday. Find out how to follow the match live ...
Source: IBTimes UK   Full article at: IBTimes UK
 

 
Update
3

1 week ago

Sohaib, Fawad stun Lanka in first ODI

Aug 23 2014 2:00pm CDT | Source: The Nation - Pakistan

HAMBANTOTA - Sohaib Maqsood and Fawad Alam put on a 147-run stand as Pakistan recovered from the brink to defeat Sri Lanka by four wickets on Saturday and take the lead in the three-match series. The tourists, chasing a Duckworth-Lewis target of 275 in 45 overs, fought back after being 106-5 to scrape home off the penultimate ball of the match in Hambant ...
Source: The Nation - Pakistan   Full article at: The Nation - Pakistan
 

 
Update
2

1 week ago

Sri Lanka must ensure justice for Tamils, says Modi

Aug 23 2014 6:28am CDT | Source: HeadlinesToday.in

Modi assured the Tamil National Alliance (TNA) delegation of India's continuing support for relief, rehabilitation and reconstruction works in northern and easter ...
Source: HeadlinesToday.in   Full article at: HeadlinesToday.in
 

 
Update
1

1 week ago

Ajmal to miss first ODI for tests on his action

Aug 22 2014 2:00pm CDT | Source: The Nation - Pakistan

KARACHI- Under-scrutiny Pakistan off-spinner Saeed Ajmal will miss part of his side's one-day series against Sri Lanka as he undergoes tests on his bowling action in Australia, officials said Friday. The 37-year-old, ranked number one in one-day internationals and Pakistan's main bowling weapon, had his action reported as suspect during the first Te ...
Source: The Nation - Pakistan   Full article at: The Nation - Pakistan
 

 

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