Sri Lanka is expecting foreign direct investment inflows to rise by a fifth to $1.3 billion this year, a Government official said, with India likely to play a lead role despite Sri Lanka’s economy facing its worst crisis in decades. Sri Lanka is banking on information technology, solar and wind, bunkering and mineral processing to attract investments. India’s MCS Group has signed a $20 million deal for mineral processing, the largest Sri Lanka has received so far in 2023, Weerakone said. Sri Lanka has untapped deposits of graphite, phosphate and other minerals to attract investors but policy frameworks are yet to be updated, creating a bottleneck for FDI, Weerakone said. Over the past decade, China has invested about $3 billion in Sri Lanka, accounting for nearly a quarter of its FDI, while India made up about $1.3 billion.

Source: bd News24 May 27, 2023 18:51 UTC