FDI’s flood apparel sector
Indunil HEWAGE
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Apparel workers at dialtex Katunayake. Picture by Sumanachandra
Ariyawansa |
Key economic sectors particularly the apparel sector is flooded with
more Foreign Direct Investments (FDI) in the face of the prevailing
peaceful and investor-friendly backdrop in Sri Lanka.
Speaking to Daily News Business, Economic Development Ministry
Director General (Communication and Development) Prof Y M Sunanda
Madduma Bandara said that Sri Lanka posted an impressive record breaking
US $ 236 million FDI inflow in the first quarter in 2011. Out of US $
236 million, tourism, telecommunication and apparel sectors received US
$ 132 million, US $ 62 and US $ 7 million worth of FDI respectively.
“In addition to US $ 7 million FDI inflows, received in the first
quarter in 2011, the government has approved another US $ 40 million
worth of FDI for the apparel sector in the North and the East.
It is gladdening to note that foreign investors have shown
willingness to start various ventures related to the apparel industry in
the North and the East areas despite the various issues that hampered
the growth in the industry during the last couple of years.
“As a government entity, we are committed to promote prolific local
and foreign investments by providing tax concessions for investors,”
Madduma Bandara said. |
