'SL has potential to attract local, foreign investors for future development'

Colombo, June 26 Sri Lankan President Gotabaya Rajapaksa said the island nation has the potential to attract local and foreign investments for future developments as countries continue to fight the deadly Covid-19 pandemic.

In a televised address to the nation on Friday, President Rajapaksa said the pandemic was the most serious challenge at this juncture not only for Sri Lanka but also for every country irrespective of their development status, but the island had the opportunity to attract local and foreign investors which would strengthen the nation's economy, reports Xinhua news agency.

"Sri Lanka now has the opportunity to attract local and foreign investors to the newly added 269 hectares of land to the Colombo Port City," he said.

"The Cabinet and Parliamentary Finance Committee have already approved a $400 million commercial building with two towers as the first investment for the financial city which we hope to build," the President added.

He said a few days ago Sri Lanka had hosted an international conference on investment opportunities via Zoom and the enthusiasm shown by local and foreign investors sent a positive message about the potential for investments.

"If we can achieve success in terms of foreign investment which would be on par with the other rapidly developing countries in the region, it will be a great help to strengthen our country's foreign reserves. The people of our country can expect many direct and indirect benefits through this.

"We hope to open up these investments to the general public by giving them the opportunity to be listed on the Sri Lankan stock market," he added.

Speaking on the infrastructure development, Rajapaksa said the government was going ahead with the construction of expressways which would strengthen the connectivity between the provinces as well as connect it to the Colombo Port City, and about 25,000 km of the 100,000 km road construction program planned by the government was almost complete.

He said the government had also decided to implement all urban beautification projects as green projects and urban parks were planned in all major and suburban areas of the country.

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