Sri Lanka attracted $1.63 billion in foreign direct investments (FDI) in 2017, a record high, according to data released by Sri Lanka’s Board of Investment on Monday, with about 35% of it coming from China, making China the country’s largest source of FDI.

Malik Samarawickrama, Minister of Development Strategies and International Trade, said Sri Lanka’s economic potential is being gradually tapped. In the future, the government will speed up the reform and adopt a new tax bill and foreign exchange rate to provide a more friendly and convenient environment for foreign investment.

The minister said the Sri Lanka government plans to attract FDIs worth $2.5 billion this year and expects a $5 billion more by 2020.