State Minister of Investment Promotion, Dilum Amunugama Sets 2024 Investment Target to Triple by Year End

State Minister of Investment Promotion, Dilum Amunugama, highlighted that the country’s investment environment has undergone a remarkable 200% enhancement compared to two years ago. He further stated that the targets assigned to the State Ministry of Investment Promotion by the Ministry of Finance for 2024 could potentially triple by the end of this year.

The State Minister emphasized the importance of political stability, financial stability, and certainty about the future to attract investments into the country.

He made these remarks today (10) during a press conference themed ‘Collective Path to a Stable Country’ held at the Presidential Media Centre (PMC).

State Minister of Investment Promotion Dilum Amunugama further commented;

For investors to consider a country, they require political and financial stability, along with confidence in the future. The presence of investments indicates the presence of these conditions. I can confidently affirm that the investment background has significantly improved, showing a 200% progress from two years ago, making it favourable for investors.

During the previous economic crisis, investors were doubtful, but I can now provide statistics indicating their return to our country. It is noteworthy that we have surpassed the targets set by the Ministry of Finance. This success is largely recognized to the proactive role played by the government, including the President.

By the first quarter of this year, we have successfully concluded the activities require for meeting the investment target set by the Ministry of Finance. As a result, we are now poised to triple the investment target by the end of 2024. This year, we anticipate attracting over USD 03 billion in investments to Sri Lanka. It is important to note that the investment projects signed in 2023 will be executed this year, though they are not counted as part of this year’s investments.

Additionally, this year we initiated investment promotion efforts in foreign countries by appointing representatives to the investment board. Remarkable successes have already been achieved in countries such as Britain, Canada, France, Italy, and Germany through project promotion activities conducted via global forums comprising Sri Lankan businessmen residing abroad.

Furthermore, among the private industrial zones to be jointly established with the government near Trincomalee, Mankulam, Paranthan, and Kankasanthurai, the Kankasanthurai Private Industrial Zone is poised to commence operations. A Sri Lankan business group based in Canada is spearheading this endeavour with a USD 500 million investment. They have also undertaken the responsibility of attracting projects to the zone.

Furthermore, under the Trincomalee District Development Plan, sectors like solar and wind energy, along with green hydrogen, are poised to emerge as significant investments in the country. Following the completion of debt restructuring, we aim to expedite this development project in collaboration with India.

If this is the path that many politicians advocate, and if President Ranil Wickremesinghe laid the foundation for this path, why should anyone else stray from it? It is crucial to underscore the importance of walking this path alongside him.