The Board of Investment (BOI) yesterday revealed Foreign Direct Investments (FDIs) this year would double to US$ 1.5 billion from last year whilst expressing confidence of a US$ 5 billion figure by 2020.
Chairman Dumindra Ratnayake expressing optimism said a host of initiatives were ongoing to boost FDIs with the BOI transitioning to an investment facilitator rather than a regulator.
“At present total FDIs for 2017 amount to $ 1 billion, which will reach $ 1.5 billion by the end of this year with a few projects in the pipeline,” Ratnayake told a breakfast forum organized by the Ceylon Chamber of Commerce yesterday.
“This year we have been lucky for some reason. The majority of these investments are coming from existing investors expanding their capacities and reinvesting in new areas. By end of the year we will reach a target of $ 1.5 billion and thereon reach $ 5 billion by 2020,” he said.
He emphasized that these FDIs were all realized investments and not committed investments.
“Although they may not be some major brands, what’s needed right now are solid investments. We welcome the big names too,” he added.