China tops in Sri Lanka's FDI for 2017

COLOMBO — China has accounted for 35 percent of foreign direct investments (FDI) into Sri Lanka up to September this year, with FDI for 2017 expected to total $1.36 billion, local media reported on Saturday.

According to a statement from the Ministry of Development Strategies and International Trade, there has been a "strong uptick" in exports and FDI into Sri Lanka this year.

"Data from the Board of Investment indicates a substantial uptick in FDI inflows to the country of $795.5 million during January to September this year, 80 percent higher than the same period last year and already exceeding the full year 2016," the statement said.

"FDI from China is around 35 percent of FDI to date, while India is 16.4 percent and Singapore is 9.3 percent," it added.

Others among the top 10 countries for FDI into Sri Lanka include Netherlands, Britain, Japan, Malaysia, Sweden, and Australia.

The statement said the Board of Investment expects FDI for the year 2017 to total $1.36 billion.

The manufacturing and services sectors have seen the larger share of FDI inflows of $397 million while the infrastructure and utilities sectors received $352.5 million.