Sri Lanka Keen On More Investments From Malaysia - Deputy PM

From R. Ravichandran COLOMBO, July 22 (Bernama) -- Sri Lanka expects more investments from Malaysian entrepreneurs to the South Asia's island state, Deputy Prime Minister Dr Ahmad Zahid Hamidi said. He said this was expressed by several Sri Lankan leaders during his two-day visit here. Ahmad Zahid, who called on Sri Lankan President Maithripala Sirisena and Prime Minister Ranil Wickremesinghe Thursday and Friday, respectively, said most of the leaders are keen on more investments from Malaysia. He cited infrastructure, civil engineering and tourism (particularly hotel construction in Colombo) as among the sectors that Malaysian investors could venture into. Sri Lanka, which currently has about 12,000 hotel rooms, needs at least 10,000 more rooms, he added. "I believe hotel chains in Malaysia should take this opportunity to build hotels in Sri Lanka," he told the Malaysian media at the end his two-day visit to Sri Lanka, here Friday. Ahmad Zahid said Malaysia's ranked fifth in terms of foreign investment value in Sri Lanka, accounting for US$2 billion until 2015. "If the investment climate can be further improved for Malaysian companies, I believe it could attract more Malaysian investors to come to Sri Lanka. "I am confident that we can increase the investment volume if Sri Lanka is serious about easing some constraints, especially in terms of legislation, land ownership and equity holdings," he said, adding that Sri Lanka has the potential to become a developed state. -- BERNAMA