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Sri Lanka targets $1.5bn FDI this year after missing 2012 goal

sri-lanka-flag 400COLOMBO: Sri Lanka hopes to attract $1.5 billion in foreign direct investment (FDI) in 2013 after missing the target of $2 billion last year, the country's Treasury Secretary said on Friday.


The $59 billion economy had aimed for a record $2 billion FDI in 2012, a two-fold increase from the previous year.


"We would have got a foreign direct investment of around $1 billion, similar to the previous year," Treasury Secretary P.M. Jayasundera told reporters in Colombo. "But there are some quality investments in the pipeline."


The island nation's FDI dropped by 9.4 percent in the first three quarters of 2012 to $614.7 million, the central bank's latest data showed.


Government officials have said the slowdown in advanced economies hit FDI last year, while economists and analysts say Sri Lanka's inconsistent economic policies have contributed to the drop.


Copyright Reuters, 2013