Former State Minister Dilum Amunugama has joined the Mawbima Janatha Party (MJP) headed by Sri Lankan entrepreneur Dilith Jayaweera. 

According to reports, Dilum Amunugama has been appointed as the national organiser of the Mawbima Janatha Party.

Originally a Sri Lanka Podujana Peramuna (SLPP) member, Amunugama previously served as the State Minister of Investment Promotion under the Ranil Wickremesinghe-led government.

Dilum Amunugama left the SLPP and extended his support for former President Ranil Wickremesinghe in the recent Presidential Election. (Newswire)

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Sri Lanka has secured an export income of USD 9 billion in the first six months of this year, State Minister for Investment Promotion, Dilum Amunugama, announced.

State Minister Amunugama highlighted that investment agreements totalling approximately USD 800 million have been signed during the same period.

He disclosed this information at a press briefing held at the Presidential Media Centre on Wednesday (Aug 21).

“The Board of Investment of Sri Lanka currently facilitates 15 investment zones, with 1,575 companies operating within them, providing employment to over 500,000 people. 

“Under the government’s new investment program, seven additional investment zones are planned for areas including Mankulam, Paranthan, Kankasanthurai, Trincomalee, Iranawila, Hambantota, and Bingiriya. Although the target for this year was to secure USD 1 billion in investment deals, USD 800 million has already been achieved in the first six months through signed agreements,” he said. 

State Minister Amunugama also revealed that negotiations for 35 investment projects have been finalized, and the agreements have been signed. 

“There are plans to develop the Kankasanthurai Investment Zone as a joint Canadian-Sri Lankan initiative. The next three months have been allocated to submit amendments to the Economic Transformation Law.

“Twenty-seven “Export Promotion” projects have already been launched to boost Sri Lanka’s export income. Plans include implementing the “One Village One Product” initiative across the country, covering 14,000 Grama Niladhari divisions. Additionally, an “e-commerce” platform is being developed to further increase export revenues. In the first six months of this year, export income has reached USD 9 billion,” he said.

The State Minister for Investment Promotion also noted that 46 out of 118 land plots had been allocated to a Chinese contracting company regarding the port city, with six of these plots later returned to Sri Lankan companies. “So far, 21 organizations have been approved to establish businesses in the port city, with efforts underway to attract more investments,” the State Minister said.

He added that plans are also in place to develop the Pelwatte Sugar Factory, with all these initiatives expected to significantly strengthen the economy of Sri Lanka. (Newswire)

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State Minister for Investment Promotion Dilum Amunugama says 80% of the construction work on the Port City project has been completed, with water supply now underway. 

Providing an update on the Port City project, the State Minister said to start a business there, approval must be obtained under the Business Strategic Importance (BSI) Act.

State Minister Amunugama further said that, thereby, applicants are required to submit their project reports to the Colombo Port City Economic Commission. 

“So far, we have submitted more than twenty BSIs to the Cabinet, with another fifty set to be presented,” he added. 

The State Minister also pointed out that the new Economic Transformation Bill will streamline investment promotion activities through the Economic Commission.

Stating that it will oversee all related decisions, he added that a fast-track approval process for investments is also in place.

Outlining plans for 2024,  State Minister Munugama said investment opportunities have been established across various regions, including Trincomalee, Paranthan, Mankulam, and Kankasanthurai.

He revealed that 35 projects have been planned under these investment opportunities. 

State Minister for Investment Promotion Dilum Amunugama made the remarks while addressing a press briefing at the Presidential Media Centre on Wednesday. (Newswire)

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A Sri Lankan delegation led by State Minister of Investment Promotion Dilum Amunugama participated, for the first time, in the ‘Hannover Messe 2024’ in Germany in April. 

According to the Embassy of Sri Lanka in Berlin, Sri Lanka officially participated in the Hannover Messe, which is considered to be the world’s leading industrial trade fair, from 22- 26 April 2024. This year’s edition of Hannover Messe was attended by more than 130,000 visitors from 150 countries, 4,000 exhibiting companies, 300 start-ups and over 300 economic and political delegations from all over the world.

State Minister Amunugama’s visit to Hannover Messe focussed on creating awareness in Germany about investing in Sri Lanka, exploring opportunities for Sri Lankan businesses and strengthening economic relations with Germany. The State Minister participated at the Hannover Messe accepting an invitation extended by Chief Delegate of the Delegation of German Industry and Commerce (AHK) in Sri Lanka Marie Antonia von Schönburg. Head of Protocol Michael Rose and Director-Public Affairs for East Germany and Berlin of Deutsche Messe Andrej Gross and the organizer of Hannover Messe welcomed State Minister Amunugama and the delegation to ‘Hannover Messe 2024’.

The Hannover Messe is an important venue for businesses from across the world to learn about important innovations that drive industrial competitiveness and sustainability. It is also a venue for businesses to find partners for collaborative ventures and for countries to showcase their investment and technological potential. The focus of this year’s trade fair was on how businesses can take advantage of developments such as artificial intelligence (AI), hydrogen and many other high-tech solutions.

State Minister Amunugama delivered the keynote speech on “Sri Lanka’s path to attract investments” at the Asia- Pacific Forum of the Hannover Messe which was moderated by Ms. Schönburg. 

The State Minister highlighted opportunities for investment in Sri Lanka including in the Port City project and extended an invitation for interested parties to visit Sri Lanka to witness firsthand the potential for investment and business collaborations. The State Minister said that Sri Lanka has much to gain from strengthening trade and investment linkages with Germany.

At Hannover Messe, the State Minister met with representatives of German Trade and Investment (GTAI), the international economic promotion agency of Germany; the Investment promotion agency of Baden-Württemberg province, home of many leading industries such as Mercedes- Benz, Bosch and Würth; and leaders of several German businesses in the fields of green hydrogen, port consultancy services, maritime services, agriculture engineering equipment and IT services. Among the topics discussed in the meetings were strengthening bilateral trade linkages, linking with the industrial value chains of Europe, establishing connections with the Board of Investment (BOI) Sri Lanka and the exchange of business delegations.

The State Minister and the delegation also visited one of the production plants of Continental AG, a German company which in 2024 signed an agreement with BOI Sri Lanka to invest around 13 million euros over the next three years to expand their production facility in Sri Lanka, creating around 200 additional jobs. Operating since 2009, Continental is one of the largest German investors in Sri Lanka. 

Sri Lanka’s participation at the ‘Hannover Messe 2024’ was organized by AHK Sri Lanka in collaboration with the Embassy of Sri Lanka in Berlin and Deutsche Messe AG.

The State Minister was accompanied to the ‘Hannover Messe 2024’ by Sri Lanka’s Ambassador to Germany Varuni Muthukumarana, Counselor of the Sri Lanka Embassy in Berlin Senuja Samaraweera, Chief Delegate of AHK Sri Lanka Marie Antonia von Schönburg and Executive Director of the Aitken Spence Dr. Rohan Fernando. (Newswire)

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Officials of the Sri Lanka Board of Investment (BOI) have been instructed to facilitate and execute the second and third phases of the Bingiriya Investment Zone as soon as possible, targeting high-net-worth Japanese investors. 

The directives were issued by State Minister for Investment Promotion Dilum  Amunugama recently. 

After the President visited Japan, a large number of Japanese investors expressed interest in investing in Sri Lanka. 

Based on this, State Minister Amunugama also informed the officials to provide the necessary facilities to start their projects as soon as they arrive in Sri Lanka.

The Minister conducted his routine progress review meeting held at Bingiriya Export Processing Zone recently. Minister of Investment Promotion Secretary M M Naimudeen, Director General of Sri Lanka Board of Investment Renuka Weerakoon, Divisional Secretary, and officials representing institutions such as highways, electricity, and water supply participated in this meeting.

Five projects are currently being implemented in the Bingiriya Investment Zone. The value of the projects that have been invested is about fifty million US dollars. During the visit, the Minister met investors and discussed their problems.

The Bingiriya Investment Zone has 160 acres in the first phase, 282 acres in the second phase, and 650 acres in the third phase. 

With the start of the new investment zone, the Minister pointed out that not only direct employment for youth in the area but indirect new service-oriented business opportunities and employment will be created, but further growth is expected in all infrastructure facilities including road development in the area. (NewsWire)

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Despite external and internal setbacks, the Board of Investment of Sri Lanka (BOI) has achieved Rs. 1.8 Billion in total investments with signed and approved projects, including FDI Projects of US$ 1.5 Billion, State Minister for Investment Promotion Dilum Amunugama said.

According to a BOI statement, State Minister Amunugama said the baseline forecast is for global growth to slow from 3.5 per cent in 2022 to 3.0 per cent in 2023 and 2.9 per cent in 2024, well below the historical (2000–19) average of 3.8 per cent. 

“Due to the Ukraine-Russia war, the US, and UK inflation is historically 40-45%. Further negative influences due to the Israel and Palestinian conflict will have repercussions on energy price escalation. 

“In the context of the Internal macroeconomic situation, our country’s rating, the default of paying debtors, and political uncertainty send a less investor-friendly signal to the outside world at the beginning of 2022. Yet in 2023 economy was slowly but steadily pulled back from the worst economic situation post-independence era,” he said. 

The State Minister further said the government’s far-sighted and politically unpopular economic stabilization measurement has provided a much-needed foundation for reforms in the institutional and regulatory front hence it has communicated positive signals to our investor community. 

“The significant achievement of curbing the acceleration cost of living which has resulted in the single digit of inflation from 74% in September 2022 to 1.5 % in October 2023 

“Yet as an economy, it will continue to contract in 2023, it was better than -7.8 in 2022 but in 2023 it has forecasted -2.0 negative growth. It is an arduous task to attract FDI amidst economic contraction. Yet, in the YOY comparison, BOI registered and approved FDI Investment projects increased by 122% in 2023,” he added.

State Minister Amunugama further said the significant increase in projects is due to the high value of investment in the energy sector. “Investments such as Adani Corporation, Sinopec, RM Parks with Shell, and further sectors such as ITC, BPO, Tourism, and Manufacturing are the sectors getting more investments. 

“Countries such as China, India, the US, HK, UAE, France, Korea, Germany, and Singapore are the destinations invested during 2023,” he added.

Following is a breakdown of the investment projects outlined by State Minister Dilum Amunugama;

(NewsWire)

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World-renowned hotelier Adrian Zecha has been roped in to overlook the refurbishment and upliftment of the Hunas Falls hotel in Sri Lanka, Minister of Investment Promotion Dilum Amunugama announced today. 

Taking to Facebook, Minister Amunugama stated that Adrian Zecha, a world-renowned hotelier, is considered a maestro in the hospitality trade. 

He pointed out that Forbes Magazine has named Adrian Zecha the “Hotelier of the Century”. 

“It was my pleasure to facilitate Mr Adrian Zecha’s agreement to team up with TAD Group Hunas Falls (Pvt) Ltd. to refurbish and uplift the hotel with modern standards,” the minister said.

Minister Amunugama further stated that the total investment is approximately US$ 12 million.

He added that, however, the most valued asset would be the experience and expertise of the veteran hotelier. (NewsWire)

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The  Board of Investments (BOI) has been able to attract Foreign Direct Investments (FDI)  of 1.75 billion US dollars exceeding the targeted amount of 1 billion US dollars for 2022, State Minister of Investment Promotion Dilum Amunugama stated.

According to the President’s Media Division, Amunugama stated that the target was achieved despite the ongoing economic crisis.

He further stated that the target set by the BOI for FDI for 2023 is 1.5 billion US dollars and BOI FDI realized in the First quarter of 2023 amounted to 211 million US dollars. 

Amunugama stated that the BOI has approved investments of 682 million US dollars from January to July. 

He expressed these views during a press conference themed ‘Collective Path to a Stable Country’ held at the Presidential Media Centre (PMC) yesterday (July 20). 

“It is necessary to update and modify Sri Lanka’s existing legislative framework in order to make the country an investment-friendly destination. It is expected to introduce new investment laws by the end of 2023, without affecting other government entities’ current legal frameworks. 

Additionally, foreign investors do not receive their investment rights when they enter this country. As a solution, we must update our legislative framework to ensure that their investment rights are protected. 

A seven-member committee consisting of Director Generals of government institutions has already been appointed to look into the existing laws that restrict investments,” he stated.

State Minister of Investment Promotion Dilum Amunugama further said the government intends to execute a program under the concept of ‘One Village – One Product’ to empower entrepreneurs who produce export-level products in selected regional secretariats, involving them in the export process, and scale it up at the District and National levels. A Central Export Center will be established for them and measures will be taken to strengthen the connection between the rural exporters and the Sri Lanka Export Development Board.

He further revealed that in line with the government’s proposal to cultivate cannabis for medicinal purposes, 200 project proposals have so far been submitted. 

The Minister of Indigenous Medicine Promotion has undertaken the task of amending the relevant laws. The government intends to launch the Cannabis Pilot Project by the end of 2023 following the passage of these laws, the State Minister added. (NewsWire)

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