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| Wednesday, 10 September 2003 |
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| Ceasefire led to surge in investments - Prof. Peiris by Manjula Fernando There has been a 100 per cent increase in employment creation in the first half of this year against the corresponding period in 2002, Investment Promotion Minister Prof. G. L. Peiris said yesterday. Speaking at a special media conference at the Information Department, Prof. Peiris attributed the sudden boost in the employment sector to the peace process. The prevailing peaceful environment after the cessation of hostilities between the two warring parties since February 2002 has created investor optimism indicating better growth prospects for Sri Lanka, he explained. "There was a sudden surge in foreign investment sector due to the stable economic and political conditions in the country. This has helped to create more job opportunities, particularly in the rural sector," he said. A sum of Rs. 33.6 billion has been realised in investments this year, compared with Rs. 15.3 billion for the whole of last year. Only Rs. 7.3 billion was realised from investments in 2001. The Minister added the ceasefire agreement which has continued for a unbroken period of 19 months has inspired the confidence of investors. "Because of the in-flow of investment we have been able to generate new jobs resulting in an uplift of economic conditions of our people." The first half of 2003 has also witnessed a better spread of investment sector wise and geographically. There has been a noticeable increase in the pace of realisation of investment with 60 per cent of the approved investments in the first half of last year being implemented. The investment projects largely limited to Colombo and Gampaha in the past will be expanded to remote districts such as Moneragala, Anuradhapura and Kurunegala under the diversification of BOI projects creating a host of new employment opportunities in these regions. The Minister said following the recent investment promotion seminar in Malaysia, the Government was hopeful the Malaysian investment would double this year. Malaysia Telekom is expected to implement a US$ 90 million GSM project shortly and three Malaysian companies are expected to enter the local liquid petroleum (LP gas) market by early next year. He also added the anticipated Free Trade Agreement between Singapore and Sri Lanka will usher in a greater flow of Singaporean investment to the country. According to statistics BOI investments have now expanded from traditional garments and gem and jewellery exports to more sophisticated sectors such as television and radio communication networks, electrical and electronic goods, fabricating metal, warehousing and freight forwarding as well as more value added software development. |
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