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Saturday, June 22, 2024

In 12 Months 2 Only Out of 50 CHOGM Projects Attract Investors; That is Chinese!

[Rajapaksa cutout at the CHOGM, Sri Lanka]

Though one year has passed since the Commonwealth Heads of Government Meeting held in Sri Lanka, the country’s investment promotion agency has failed to attract investors to 48 out of 50 project proposals submitted, reports Ceylon Today.

Aiming for US$ 10 billion worth of foreign direct investment from CHOGM, the Ministry of Investment Promotion and the Board of Investment submitted 50 planned projects to the CHOGM business forum.

Three major Chinese firms signed agreements with the BOI in November last year, two for projects in CHOGM 50, and China Communication Construction Company for the Colombo Port City project.

China Harbour Engineering Company signed agreements with the agency to set up transit hotels and facilities related to parking, and shopping at the Bandaranaike International Airport in Katunayake and Mattala Rajapaksa International Airport in Hambantota.

However, since the signing of those two agreements, the BOI has failed to attract any more investors for the balance 48 project proposals, despite the agency claiming that it was negotiating with 12 investors, early this year.

At a recent press conference the BOI said that nothing has come out of the balance 48 project proposals which were submitted to CHOGM.

Commenting on the no result situation for the project proposals, Minister of Investment Promotion Lakshman Yapa Abeywardena said that he was not expecting immediate responses, as the government expected results only in the medium and long term.

After failing to achieve last two years foreign direct investment targets, falling short US$ 160 million in 2012 and US$ 610 million in 2013 for US$ 1.5 billion and US$ 2 billion respectively, the Ministry and the BOI have been aggressively marketing the country.


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