BANGALORE - When nearly bankrupt Sri Lanka appealed to its diaspora this month to invest in their homeland to replenish the dwindling foreign exchange reserves, entrepreneur Vickum Nawagamwage was astonished that his country was using patriotism instead of financial incentives to attract foreign funds.

For more than a decade, Mr Nawagamwage has run travel and tourism companies in Singapore and Sri Lanka, which is facing its worst economic crisis and huge international debts.