Faiszer meets Middle East Ambassadors to discuss FDI

By Malik Gunatilleke
Deputy Minister of Investment Promotion Faiszer Musthapha held a meeting yesterday with the Ambassadors of Middle Eastern nations as well as various stakeholders from the public and private sectors to discuss Foreign Direct Investment from the Middle East region.

 

 

 

 

 

 

 

 

According to the Board of Investment (BOI), investment from the Middle East region totalled $121.3 million in 2013, which was around 10% of the FDI inflow. The total cumulative investment from the region is estimated to be around $543.7 million.
Middle East investments in Sri Lank are currently in sectors including telecommunication, IT, tourism, shipping and logistics but the BOI believes that, based on interest expressed by various parties in those nations, higher levels of investment should be expected in the future.
Therefore, the Government intends to target added investments from the Middle East in hotels, construction and the service sector, through the implementation of a focused strategy.
Speaking at the press conference prior to the meeting, Deputy Minister Musthapha stated that these discussions would help the country formulate a strategy to attract more FDI from the Middle Eastern region with the support and advice of the respective country representatives as well as the stakeholders in the country.
“With GDP growth at nearly 8% and major interest in the country at present, we felt it was time to come up with a plan to attract more investment from the Middle Eastern countries,” he said.
Highlighted the importance of the relationship Sri Lanka has had with the Middle East in the past, he stated that it was the only region from which tourists visited Sri Lanka even during war times. The Deputy Minister added that Minister of Economic Development Basil Rajapaksa had endorsed the vision of strengthening investments from the Middle East.
“The President too has a very special relationship with the Middle East and has done so much for Palestine as well. We believe that we should execute a strategy by which we can have a larger slice of the cake,” he said.
Ambassadors of the UAE, Saudi Arabia, Qatar, Iraq, Libya, Palestine, Egypt, Oman, Kuwait and Jordan were present at the meeting. State agencies such as the Sri Lanka Development Authority, Sri Lanka Tea Board, National Gem and Jewellery Authority, Sri Lanka Export Development Board and the Coconut Development Authority also joined in the discussions along with representatives of the National Chamber of Commerce.