Sri Lanka confidant of signing US$ 3b FDI with China refinery in 2024

Sri Lanka
By Editor_1
State Minister for Investment Promotion Dilum Amunugama - EN

COLOMBO – Sri Lanka is expecting to sign foreign direct investment agreements of 3 billion US dollars in 2024, with the help of a refinery to be built by Sinopec of China, State Minister for Investment Promotion Dilum Amunugama said.

“The investment promotion ministry was given a target of one billion US dollars of FDI for 2024,” Minister Amunugama said, adding that though the final contracts have not been signed, discussions are steadily progressing to exceed that number.

“By the second quarter we are likely to be able to double it and by the end of the year may be treble it,” Amunugama said.

A renewable energy project by India’s Adani group, for which a power purchase agreement was approved by the cabinet this week, was valued at 800 million US dollars.

The first phase of an oil refinery in Hambantota by China’s Sinopec group will be around 2.8 billion US dollars.

There were also several other projects which are on track.

China’s refinery is to be a 5.0 billion US dollar project to be carried out in three phases, with the first phase valued at 2.8 billion dollars.

Earlier this year, the Board of Investment appointed investment agents and country representatives on an honorary basis in the UK, Canada, France, Italy and Germany to set up investment forums.

“Instead of waiting for investors to come we are now directly approaching them,” Amunugama said, noting that Sri Lanka’s investment environment has improved compared to last year.

-economynext.com

Editor_1
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