Seeking OPEC-led investments in energy sector
The government will hold discussions this week with the embassies of several West Asian countries to attract investments in the energy sector.
Aruna Hemachandra, Deputy Minister of Foreign Affairs and Foreign Employment told The Sunday Times Business that the Economic Division of the Foreign Ministry will be holding discussions with representatives in embassies of the United Arab Emirates, Saudi Arabia, and Qatar, among others. “We have tasked the Economic Affairs Division of the Foreign Ministry to bring investments from Organisation of the Petroleum Exporting Countries (OPEC) countries into the energy sector. We have already discussed this with the Ministry of Energy, and they are on board.”
He noted that this Economic Division was not utilised properly over the last few years to bring in investments. “We are trying to revive this unit.”
The discussions this week will focus on these West Asian countries possibly joining hands with entities such as Ceylon Petroleum Corporation on a public-private partnership model to bring in refineries etc. “Now we are presented with an opportunity to find potential markets for the refineries. This is why we are meeting representatives from different countries. We are bringing more transparency into these systems and mechanisms, unlike earlier,” Mr. Hemachandra further noted.
The Deputy Minister had also met with the Japanese Ambassador recently. “The Japanese investors are restarting their held-up projects.” These include several Japan International Cooperation Agency (JICA), projects such as Bandaranaike International Airport Development Project, utility projects, health sector improvement projects, rural development projects etc.
“These projects, encompassing various initiatives that were put on hold previously, are now ready to resume, indicating a revitalised era of collaboration and progress.”
A Japanese delegation that visited Sri Lanka in July indicated the possibility of reviving the Light Railway Transit (LRT) project, which had been suspended by the previous administration. Japan is currently actively evaluating sites for the reintroduction of this initiative, acknowledging its considerable potential to mitigate traffic congestion in Colombo, the delegation had indicated.
The US$1.5 billion LRT project, which was unilaterally terminated by former Sri Lankan President Gotabaya Rajapaksa, may be regarded as a prospective future endeavour, as stated by Japanese Ambassador to Sri Lanka Mizukoshi Hideaki in July.
The minister also noted that he will be meeting other potential ambassadors to bring in more investments into the country in different sectors.
Hitad.lk has you covered with quality used or brand new cars for sale that are budget friendly yet reliable! Now is the time to sell your old ride for something more attractive to today's modern automotive market demands. Browse through our selection of affordable options now on Hitad.lk before deciding on what will work best for you!