Export revenue of BOI enterprises tops US $ 6.5bn in first nine months

The Board of Investment (BOI) enterprises accounted for US $ 6.6 billion of merchandise exports during the January-September period, up 16 percent compared to the corresponding period of 2021, the apex investment promotion agency said.

According to the Export Development Board data, the merchandise export income to Sri Lanka during the January-August period was US $ 8.8 billion, up 12 percent from a year ago. 

The export data for October are yet to be published. According to the BOI, 15 key performing sectors, which have shown over 19 percent of average growth in exports during the said period, include wearing apparel, rubber products, textiles and fabrics, electronic and electrical goods, fabricated metal products, marine/fishing gear and accessories, footwear, leather products, PVC products, transport equipment, wood products, coir products, jewellery and lapidary and printed materials.

“The BOI has always been the forerunner of Sri Lanka’s export industry, contributing over 65 percent to the country’s overall export earnings and 85 percent to the national industrial export earnings,” said BOI Chairman Raja Edirisuriya.

Meanwhile, he said the BOI is currently focusing on both short-term as well as long-term strategic measures, which would result in increased FDI inflows to the country.

“As a short-term strategy to attract the much-needed FDI, attracting and facilitating reinvestments by existing companies while repositioning Sri Lanka as a high-tech FDI destination based on Industry 4.0, developing new zones dedicated to priority sectors and digitisation of the entire investor experience to ensure seamless delivery of services to investors can be identified as long-term strategic initiatives,” Edirisuriya underlined. BOI Director General Renuka M. Weerakone remains positive about the investment targets set for this year with the expected easing in the ongoing economic crisis.

“We expect the crisis to ease off soon rather than later. Thus, the BOI is optimistic about reaching our investment targets this year, with the commitment and guidance of the state minister of investment promotion and ministry officials,” she noted.