A breakdown of Singaporean investments by Min. Malik Samarawickrema

A breakdown of Singaporean investments by Min. Malik Samarawickrema

Written by Staff Writer

24 Jul, 2018 | 1:05 am

COLOMBO (News 1st) – Minister of Development Strategies and International Trade Malik Samarawickrema has released a statement, accusing UPFA MP Bandula Gunawardena of making false statements regarding investments from Singapore.

The minister recalls the statement to Parliament in which he said that investment proposals valued at more than US$ 16 billion in total had already been received from Singaporean companies. Min. Samarawickrema points out that he had never stated as claimed by MP Gunawardena, that Sri Lanka had already received over US$ 16 billion in direct investments.

Among the investment proposals that have been received, are a US$ 14.8 billion oil refinery complex – which will purely supply products for export purposes, the Minister stated. The investment proposals that have been received also include a US$ 1 billion steel factory and wheat and sugar processing complexes with investments of US$ 50 million and US$ 200 million respectively.

Minister Samarawickrama notes that the value of these investments is equal to a total of more than US$ 16 billion and that the Board of Investment has already granted preliminary approvals for these projects.

The statement also reads that these projects can be initiated in earnest, once the necessary lands are released and following the prerequisite environment impact assessment.

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