Sri Lanka Achieves $9 Billion in Export Income in First Half of 2024 – State Minister for Investment Promotion, Dilum Amunugama
Wednesday, 21 August 2024 - 8:24 pm
State Minister for Investment Promotion, Dilum Amunugama, announced that Sri Lanka has secured an export income of USD 9 billion in the first six months of this year.
He also highlighted that investment agreements totaling approximately USD 800 million have been signed during the same period.
State Minister Amunugama shared this information at a press briefing titled “Two Years of Progress and Advancements” held at the Presidential Media Centre (PMC), today (21).
Addressing the media personnel, the state minister further elaborated,
The Board of Investment of Sri Lanka currently facilitates 15 investment zones, with 1,575 companies operating within them, providing employment to over 500,000 people. Under the gove ment’s new investment program, seven additional investment zones are planned for areas including Mankulam, Paranthan, Kankasanthurai, Trincomalee, Iranawila, Hambantota, and Bingiriya.
Although the target for this year was to secure USD 1 billion in investment deals, USD 800 million has already been achieved in the first six months through signed agreements. Negotiations for 35 investment projects have been finalized, and the agreements have been signed. Additionally, there are plans to develop the Kankasanthurai Investment Zone as a joint Canadian-Sri Lankan initiative. The next three months have been allocated to submit amendments to the Economic Transformation Law.
Twenty seven “Export Promotion” projects have already launched to boost the export income of Sri Lanka. Future plans include implementing the “One Village One Product” initiative across the country, covering 14,000 Grama Niladhari divisions. Additionally, an “e-commerce” platform is being developed to further increase export revenues. In the first six months of this year, export income has reached USD 9 billion.
Regarding the port city, 46 out of 118 land plots have been allocated to a Chinese contracting company, with six of these plots later retu ed to Sri Lankan companies. So far, 21 organizations have been approved to establish businesses in the port city, with efforts underway to attract more investments.
Plans are also in place to develop the Pelwatte Sugar Factory, with all these initiatives expected to significantly strengthen the economy of Sri Lanka.
Secretary to the Ministry of Investment Promotion M.M. Nayeemudeen, Chairman of Board of Investment M K D Lawrance, Chairman of the Sri Lanka Export Development Board Kingsley Be ard, Colombo Port City Economic Commission’s Chief Operating Officer Revan Wickramasuriya and other ministry officials were also present at the press briefing.
