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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45 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 week ago

Navy collaborates with NCC to provide experience of sea warrior to Cadets NCC given exposure in Navy's diplomatic role in building 'Bridges of Friendship' across the seas

Oct 11 2014 11:50am CDT | Source: Business Standard

In an initiative to intensify the interaction between the National Cadet Corps (NCC)and the Indian Navy, 10 NCC cadets, along with one staff member, are being provided the opportunity to sail twice a year onboard ships of the 1st ...
Source: Business Standard   Full article at: Business Standard
 

 
Update
10

2 weeks ago

PAT, PTI protests affecting economy, says governor

Oct 5 2014 2:00pm CDT | Source: The Nation - Pakistan

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.  Governor said that the leaders ...
Source: The Nation - Pakistan   Full article at: The Nation - Pakistan
 

 
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9

2 weeks ago

Afghan dream over as Sri Lanka win cricket gold

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

INCHEON - Test nation Sri Lanka denied Afghanistan their first ever Asian Games gold medal as they overcame a batting slump to win the cricket final by 68 runs on Friday. Bowled out for 133, the Sri Lankans hit back to skittle the impatient Afghan batsmen for 65 in the Twenty20 match watched by a full house at the 2,500-capacity Yeonhui field in ...
Source: The Nation - Pakistan   Full article at: The Nation - Pakistan
 

 
Update
8

3 weeks ago

Rehan warns Pakistan against complacency

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

ISLAMABAD  - Olympian Rehan Butt expresses satisfaction over green shirts performance in the first two matches of the Asian Games Hockey event but warns team must not relax as they are known for lack of consistency. He said the way green shirts started the title defence against Sri Lanka was quite amazing. “It was quite heartening performance keeping in mind boys are completely out of .. ...
Source: The Nation - Pakistan   Full article at: The Nation - Pakistan
 

 
Update
7

4 weeks ago

Pakistan thrash Sri Lanka 14-0 in campaign opener

Sep 20 2014 2:00pm CDT | Source: The Nation - Pakistan

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 quarter, opening their account with a field goal and then ... ...
Source: The Nation - Pakistan   Full article at: The Nation - Pakistan
 

 
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5

4 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 busiest international shippin ...
Source: The Nation - Pakistan   Full article at: The Nation - Pakistan
 

 
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4 weeks ago

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

Sep 15 2014 10:18am CDT | Source: Canadian Business Online

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 cou ...
Source: Canadian Business Online   Full article at: Canadian Business Online
 

 
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5 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 statement issue ...
Source: The Nation - Pakistan   Full article at: The Nation - Pakistan
 

 
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2

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

 
Update
1

7 weeks ago

River Kwai film bridge to be rebuilt

Aug 29 2014 1:18pm CDT | Source: BBC News

Sri Lanka is to rebuild the replica bridge destroyed in an iconic scene from the film Bridge on the River Kwai, as part of a t ...
Source: BBC News   Full article at: BBC News
 

 

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