SL offers tremendous investment opportunities even during pandemic - Cabraal | Daily News

SL offers tremendous investment opportunities even during pandemic - Cabraal

State Minister Cabraal at the Forum
State Minister Cabraal at the Forum

There are tremendous investment opportunities that can be offered in Sri Lanka even during a pandemic, State Minister of Money & Capital Market and State Enterprise Reforms, Ajith Nivard Cabraal said.

“People are asking if we were mad to have an event of this nature when the world and Sri Lanka are facing a pandemic and all local and global economic indicators are low.”

He recalled that during the war in 2006 while maintaining an 8% economic growth, mega development drives in port, airport, highway, power and other areas were launched and people asked if we were mad to do that. But we believed that during war, you must prepare for peace and due to our then strategy today people are reaping the benefits from these investments. In 2014 Sri Lanka’s market capital was USD 24.4 billion and today it has dropped to USD 14 billion which opens opportunities. Hence those who come and take positions will certainly benefit.”

“In the same way there is also USD 3.4 billion to be invested in the government debt market. In addition to these developments there are FDI investment opportunities that are arising from the Colombo Port City, Hambantota Investment Zone, Sri Lanka Pharmaceutical Zone and many other infrastructure projects and also openings available in the 5G, ICT, education, tourism, health power and energy and other sectors. There are also opportunities for private equity. Hence one must think forward and make a long term in mind and this is the time for it,” he said.

The Minister added that because of the COVID challenge, the government has not forgotten its vision for investment goals and to improve economic fundamentals like DBI, tax reforms, macro fundamentals, investor friendly laws and provide incentives as well. He also ensured carrying forward the long standing policies of Sri Lanka. (SS)