Arab Today, arab today sri lanka to lure more foreign investors
Last Updated : GMT 22:04:34
Arab Today, arab today
Arab Today, arab today

Sri Lanka to lure more foreign investors

Arab Today, arab today

Arab Today, arab today Sri Lanka to lure more foreign investors

Colombo - Arabstoday

Sri Lankan government is preparing plans to attract more foreign investment to the country. Its economic growth is set to outstrip India’s for the first time since 2000 as record foreign investment and government spending fuel a resurgence after almost three decades of civil war.The island nation’s $50 billion gross domestic product will increase 8.5 per cent this year, up from 8 per cent in 2010 and bucking a global slowdown, Central Bank of Sri Lanka Deputy Governor Dharma Dheerasinghe said. India’s $1.7 trillion economy, Asia’s third-biggest, is likely to grow 8.2 per cent in 2011 according to estimates by the International Monetary Fund, the slowest pace since 2009. “We had problems during the last global recession, but it was in the background of a war situation,” Dheerasinghe said in a phone interview on Aug.17 from the capital Colombo. “History won’t repeat for Sri Lanka. In the medium term, growth can even be 9 per cent.” The return to peace in Sri Lanka is luring overseas money and tourists back to the tear-drop shaped Indian Ocean island. A $1 billion sale of sovereign dollar bonds last month was more than seven times oversubscribed. President Mahinda Rajapaksa’s government has pledged to spend $1 billion annually for at least three years from 2010 on projects such as a coal-fired power plant, a four-lane expressway and a container shipping hub. The global stock slide that wiped off $6 trillion in market value since July 24, triggered by the US credit downgrade and a deepening European debt crisis, hasn’t deterred investors in the island. The Colombo All-Share Index surged almost 10 per cent in the period, compared with a 12 per cent slump in India’s benchmark Sensitive Index. The Sri Lanka gauge plunged 41 per cent in 2008, the worst on record, a year before government troops defeated the separatist Liberation Tigers of Tamil Eelam, ending the rebels’ quest for an independent state in the north and east. Post-war growth helped make the index the world’s second-best performer in 2010. “The end of the 26-year conflict has brought a new-found optimism that is boosting consumer and business confidence,” said Samantha Amerasinghe, a Colombo-based economist at Standard Chartered Plc. “Prospects look much brighter today and Sri Lanka’s economic rebound remains intact despite the current uncertain and challenging global environment.” Dollar-denominated bond sales by Sri Lanka are attracting more investors as credit-rating companies raise their outlooks. Last month, Fitch Ratings upgraded Sri Lanka’s ranking by a notch to BB-, three levels below investment grade. From / Gulf Today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today sri lanka to lure more foreign investors Arab Today, arab today sri lanka to lure more foreign investors

 



Arab Today, arab today
Arab Today, arab today Heart of Turkish Riviera is Alluring Seaside Escape

GMT 11:11 2017 Tuesday ,28 March

Heart of Turkish Riviera is Alluring Seaside Escape
Arab Today, arab today 5 Crafty Must-Have Limited-Budget Ideas

GMT 17:03 2017 Saturday ,25 March

5 Crafty Must-Have Limited-Budget Ideas
Arab Today, arab today Hamas leader accuses Israel

GMT 11:43 2017 Tuesday ,28 March

Hamas leader accuses Israel
Arab Today, arab today Media host gives priority to problems of people

GMT 07:00 2017 Tuesday ,28 March

Media host gives priority to problems of people
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Disaster costs nearly double to $175bn

GMT 10:42 2017 Tuesday ,28 March

Disaster costs nearly double to $175bn
Arab Today, arab today Campaign fights sexual harassment in Egypt

GMT 11:14 2017 Tuesday ,28 March

Campaign fights sexual harassment in Egypt
Arab Today, arab today Trump poised to roll back climate protections

GMT 09:28 2017 Tuesday ,28 March

Trump poised to roll back climate protections
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Uber grounds self-driving cars

GMT 09:11 2017 Monday ,27 March

Uber grounds self-driving cars
Arab Today, arab today Audi RS 5 Coupe acquires new design

GMT 13:22 2017 Thursday ,23 March

Audi RS 5 Coupe acquires new design
Arab Today, arab today Trump to roll back Obama clean power plan

GMT 11:10 2017 Monday ,27 March

Trump to roll back Obama clean power plan

GMT 09:58 2017 Saturday ,25 March

Nermein Al Fekki films “Foxes in the Valley”

GMT 18:57 2017 Tuesday ,21 March

Accessories designer reveals her new collection

GMT 04:51 2017 Friday ,24 March

Salvage of South Korea's Sewol ferry

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures

GMT 09:02 2017 Thursday ,23 March

Laptop ban sparks ire

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 13:21 2017 Tuesday ,28 March

Samsung plans to sell refurbished Galaxy Note 7s

GMT 19:27 2017 Saturday ,11 March

Boualsof launches "Priestess Kahina" collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday