Inquiries for investment from United States and New Zealand

Sri Lanka has received inquiries for foreign investments from both the US and New Zealand this month, following State visits to both countries over the past couple of weeks, and land ownership requirements are likely to be relaxed to induce further investments.

“First time in history, the top officials of American EXIM bank came to Sri Lanka. They came after considering Sri Lanka as a prime investment destination. 

ll of us in the government including the President and the Prime Minister are providing our fullest support to them,” Finance Minister Ravi Karunanayake said.
He further added that New Zealand dairy giant Fonterra has also requested approval for further investments. Fonterra already has investments nearing Rs. 500 million in Sri Lanka on dairy collection centres and a model farm.
“They are looking at bringing high yielding cattle, as well as technology that can yield more milk and also to ensure a bigger acreage of grass so that they can grow more grass for the cows for their eating purposes,” Karunanayake added.
Prime Minister Ranil Wickremesinghe visited New Zealand last week.
Karunanayake noted that the land ownership restrictions for foreigners will be relaxed, keeping with the government policy of making Sri Lanka an attractive investment destination.
“We won’t fully relax them, because we also want to protect the locals,” he added.
Meanwhile, the US Millennium Challenge Corporation recently pledged to invest US$ 792 million when President Maithripala Sirisena visited the US last month.
“We have gone everywhere asking for investments instead of loans, and this is the success we have reaped,” Karunanayake said.
The American investment promises are coming after the Chinese invested and loaned billions of dollars to Sri Lanka over the past few years and last month promised to invest a further US $ 5 billion over the next 5 years.

India too last month pledged to invest over US$ 2 billion in the next few years.
Karunanayake said that driving future developments through investments instead of loans will help ease Sri Lanka’s balance of payments position. (CW)

Ravi leaves for US for WB/IMF annual conference 

Finance Minister Ravi Karunanayake left the country today to take part in the annual conference of the World Bank (WB) and International Monetary Fund (IMF). The conference will be held from October 7 to 9 at the WB and IMF Headquarters in Washington.

Finance Ministers and other top officials from the financial sector of 189 countries will participate in the WB and IMF annual conference this year. Prelude to the main conference, the membership meeting of G24 will be held on October 5 and 6. 
In addition to the Finance Minister, his delegation to the conference includes Ministry Secretary Dr. R.H.S. Samaratunga and Central Bank Governor Dr. Indrajith Kumaraswamy.