Malaysia The Biggest Investor In Sri Lanka For Second Year Running

COLOMBO, Jan 22 (Bernama) -- Malaysia, for the second year running, has emerged as the biggest foreign investor in Sri Lanka in 2005, according to official government statistics.

In 2005, investments from Malaysia totalled US$99.56 million, far ahead of second-placed Singapore with US$30.63 million.

Others in the top five were United Kingdom (US$26.34 million), India (US$17.86 million) and Luxembourg (US$17.31 million), state-owned Board of Investment (BOI) said in its figures released to Bernama, here Monday.

For the period of January-September 2006, Malaysia has so far topped the list with US$86.12 million worth of investments followed by Luxembourg (US$32.91 million) and United Kingdom (US$ 29.29 million).

Officials here said that Malaysia is certain to end year 2006 in top position.

They said investors from East Asia are expected to boost investments in Sri Lanka as they vie for some mega infrastructure projects in new highways and power expected to come on stream in the next few years.

"Yes, Malaysia is a big investor and interested in infrastructure development," said BOI chairman and managing director Prof. Lakshman Watawala, when asked for comments on Malaysia's input in the Sri Lankan economy.

The spurt in Malaysian investment was largely due to the massive influence of Telekom Malaysia's local subsidiary, Dialog Telekom, Sri Lanka's biggest mobile phone operator.

The company alone has invested US$450 million since its inception in the mid 1990s.