Sri Lanka unlikely to meet FDI targets for 2020

COLOMBO (News1st): Sri Lanka is unlikely to meet its two billion dollar foreign direct investment (FDI) target this year due to the economic impact of COVID-19, government officials said, calling on G7 and oil-rich countries to address this issue. "I don't think anything will come right," Keheliya Rambukwella, the junior minister of investment promotion told News1st. He explained that the south-asian island nation, which is grappling with its economy, cannot take isolated decisions to boost foreign investments, as investors have been affected at present. "It has to be a coordinated effort from all countries. But the leadership has to be taken by the G-7 or the oil-rich countries," Rambukwella said. The Group of Seven - or G7 countries as it is called- comprises seven largest advanced economies in the world namely Canada, France, Germany, Italy, Japan, the United Kingdom, and the US. Sri Lanka has received around 370 million dollar worth of FDI this year which includes a massive 250 million dollar mixed development project by Shangri-La to build an apartment and a shopping complex in capital Colombo. "In view of the fluid situation arising from the spread of the coronavirus affecting our global trade partners as well as key industries such as apparel, tourism, and manufacturing sectors it is difficult to comment on FDI targets," the Board of Investment (BOI) said in a response to News1st. The BOI earlier this year had predicted that the country would receive at least two billion-dollar worth investments by the end of this year. "Internally we are making efforts to plan for the future when this global crisis comes to an end," the investment board said without giving further details.