US $ 1,070 m exceeded:

Highest foreign investment towards development by Nov

Ramani KANGARAARACHCHI

Sri Lanka has received the highest quantum of foreign investment amounting to over US $ 1,070 million by November this year towards development projects, Economic Development Deputy Minister Lakshman Yapa Abeywardena said.

Deputy minister Lakshman Yapa

Speaking at the Government Information Department yesterday, he said there is a misconception in the country that foreign investment coming into the country has reduced but it is not so. In 2009 it was US $ 602 million and in 2010 it was US $ 516 million. He said 58 projects have been implemented from these investments and another 131 projects have been approved and 138 projects are awaiting approval.

He said all projects of over US $ 3 million are considered as foreign investments.

The minister said although the Opposition accuses the government of considering sale of land as an investment, the funds received from sale of lands are also part of investment.

Referring to the progress of the tourism industry, he said in 2012, the country will receive Rs one billion as investment for tourism.

During the last 11 months the increase in tourist arrivals stands at 22.2 percent.

The minister observed a significant change in the pattern of tourist arrivals this year as a result of the contribution of other tourist attraction areas, such as, the Dehiwala Zoo, Kandy. Dalada Maligawa, Pinnawala Elephant orphanage and Wildlife sanctuaries. Earlier the focus was more on the beaches.

‘The number of tourists to Dalada Maligawa has increased by 44 percent this year. With the number of tourist arrivals reaching 800,000 by the end of this year, there will be 12,000 new employment opportunities, he said.

The government also has allocated Rs 40 million to strengthen Provincial Councils to be able to promote and develop the tourism industry in the provinces.

Among other development projects, the government has allocated Rs 3,000 million towards Samurdhi beneficiaries, apart from Rs 93 million allocated for 2011.