BOI gets Rs. 6,317 m investment in first 1Q
In the first quarter of 2012, the BOI granted
approvals for 54 projects against 27 in the first quarter of 2011.
This was a 100% increase over the previous year. The estimated
investment of the approved projects was Rs. 96,317 million of which
a total of Rs.49,169 million is expected as foreign investment and
the balance 47,148 million as domestic investments.
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‘Plans underway to attract more investment’
The country’s development drive could be fueled
by the high level of investment, and plans are underway to attract
investment both locally and internationally. The targeted annual
investment level by 2016 is 33 to 35 percent of GDP. Of this, around
six to seven percent is expected to be government investments while
the private sector, both domestic and foreign is expected to invest
around 27 to 28 percent, the recently released statement on Economic
Policy Framework and Performance of the Finance and Planning
Ministry said.
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LOLC records highest ever profits
LOLC Group posted yet another year of healthy
growth in profitability recording Rs.10.3 billion profit before tax
(PBT), a 24% year on year growth. The profit after tax for the year
was Rs.8.9 billion, a 27% increase over last year which was Rs.7
billion. LOLC Group's superior performance comes amidst a
challenging environment where its core business of financial
services faced interest rate volatility, increased taxes on motor
vehicles, lower liquidity in the market and a general credit
squeeze. Despite these challenges, financial services remained
dominant in profit contribution, with 72% of the profits amounting
to Rs 7.4 billion, coming from this sector further reducing the
dependency on other sectors in the Group.
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Boost for gem and jewellery import and export activities
Gem and jewellery sector has been identified as
an emerging sector for economic growth and many initiatives are
taken to develop this important segment. In this backdrop, proactive
decisions have been taken to facilitate the gem and jewellery
exporters and importers at a meeting organized by the National Gem
and Jewellery Association and Sri Lanka Gem and Jewellery
Association.
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