Sri Lankan business magnate appointed as new investment minister

Sri Lankan Business magnate Dhammika Perera was on Friday appointed the new Investment Promotion minister by President Gotabaya Rajapaksa who created the new Ministry of Technology and Investment Promotion just two weeks back to woo foreign investments into the crisis-hit country.

Perera, 55, dubbed the wealthiest man in the island nation in 2013 with assets over 72 billion rupees, was appointed to Sri Lankan parliament this week to fill the vacancy of former finance minister Basil Rajapaksa, also the younger brother of President Rajapaksa.

Perera was sworn in before President Rajapaksa on Friday, the president’s office said.

The Chinese built Colombo Port City and the government’s investment promotion arm Board of Investment have been listed under the new ministry.

The telecommunications regulator and Sri Lanka Telecom alongside the Registrar of Persons and Department of Immigration and Emigration -- all key institutions previously handled by Rajapaksa himself -- have also been listed under the new ministry.

Perera had headed the Board of Investment as a political appointee and was also the Secretary to the Ministry of Highways between 2005 and 2015 under former president Mahinda Rajapaksa.

His business empire ran casinos to hotels, including the controlling stakes at two of the biggest corporate entities Hayleys and Singer.

Perera in the recent weeks has been making public suggestions of his plans to promote the flow of US dollars into the debt-ridden country in order to tackle the unprecedented economic crisis the island has been facing since its independence from Britain in 1948.

Sri Lanka is experiencing its worst economic crisis with forex shortages to import essentials, including food, fuel, as well as medicines.

Long queues for essentials, including fuel and gas, have so far cost 12 lives due to exhaustion and accidents while waiting.

Sri Lanka's total foreign debt stands at USD 51 billion.

The Indian credit lines since January have provided a lifeline to Sri Lanka amid growing public dissent over the worsening economic conditions.

Sri Lanka’s key need right now is to secure bridging finance until the realisation of the IMF facility, a local official said.