'Foreign investment vital for brighter Sri Lanka'

Senior Presidential Advisor and Finance and Planning Deputy Minister Dr Sarath Amunugama delivering the keynote speech

Delivering the keynote address at the Discover Sri Lanka Conference 2010 on July 26, Senior Presidential Advisor and Finance and Planning Deputy Minister Dr Sarath Amunugama pointed out several tremendously important factors with regard to investment opportunities in Sri Lanka. This conference was organized by the IIFL as a forum for foreign investors to understand the investing opportunities in Sri Lanka. Dr Amunugama said that foreign loans for infrastructure development are vital. The reason being, Sri Lanka having recovered from the war only recently lacks proper infrastructure in the Northern and the Eastern Provinces. Therefore the Government, with the assistance of foreign loans, is planning to fill the lacuna of developing the infrastructural needs.

Dr Amunugama noted the importance of working in collaboration with the International Monetary Fund (IMF). The reason being that the support they give towards economies of countries such as Sri Lanka is tremendous. He said that one should go through the current IMF reports thoroughly as it gives a proper account of the development of economies.

"The Government welcomes foreign investment, especially Foreign Direct Investment" said the Deputy Minister. He said for a country to develop economically and to move forward in the present times, foreign investment is crucial. He said that at present, the Government is focusing on models such as that of the Public Private Partnership (PPP), which is proving to be effective. He said that industries such as the garment industry can be cited as examples for being effective models with regard to foreign investment in Sri Lanka.