Sri Lanka explore Qatari investment potential

A high-profile banking delegation is currently on a three-day tour to Qatar to attract more foreign investments to the country. The 11-member delegation is led by the Governor of the Central Bank Ajith Nivard Cabraal.

Sources from the Central Bank said that the delegation is seeking investments in infrastructure development, tourism and banking sectors on the basis of anticipated economic growth of 8 percent this year. The Governor of Central Bank has told Qatar media that Sri Lanka’s impressive economic growth averaging 8% over the last two years will help the nation attract more foreign investments in various sectors. He has said that the delegation, which comprises representatives from three private sector banks, and two state sector banks, will be meeting with the officials of the Qatar Investment Authority and will present them investment proposals.

Commenting on Sri Lanka’s banking sector. Cabraal has emphasized that country’s banks have strong financial fundamentals and excellent professional credentials to match world standards. He has said that most of the Sri Lankan banks have excellent credentials and track record and their capital adequacy of 14 percent is in a very good shape.

Cabraal has also said that Sri Lanka is particularly interested in attracting investments in the hospitality sector as the country is expecting to attract at least 2.5 million tourists annually to the country by 2016.

He has pointed out that the considerable increase in tourist arrivals to the country has called for construction of many hotels and other infrastructure facilities to accommodate the influx of tourists creating investment avenues in the hospitality industry.(niz+)