BOI enterprises’ export revenues record 2019 values

• Double-digit growth recorded in seven export sectors
• Investment pipeline poised to expand current export basket further

Accounting for 65 percent of all national exports and 85 percent of all national industrial exports, the Board of Investment (BOI) yesterday announced that the total export earnings recorded as at date for the year, from the enterprises under its purview, have surpassed the export revenues with the corresponding year-to-date value achieved in 2019.   The year 2019 is regarded as the last recorded year of pre-COVID growth and is considered a base year to measure absolute performance and growth by, for subsequent years. 

Of the 23 export sectors listed under the BOI, 15 of them have grown vs. 2019 and most notably, seven industries such as rubber, textiles and fabrics, electronics, food processing, industrial chemical, petroleum, coal and plastic, transport equipment and waste, have all recorded double-digit growths against the same period. 

Apparel, which is the largest contributor to export earnings among the total portfolio, while is just under 7 percent shy from achieving the corresponding 2019 value, has grown in double digits 

against 2020.  To support this achievement, the BOI remained committed to all enterprises under its purview, especially with the pandemic continuing to soar through the better part of this year, by the successful vaccination of the entire working population, both within and outside its 14 Export Processing Zones and even facilitating the provision of curfew passes during the lockdown periods, for all operations to continue unhindered. 

On top of this, the BOI also represented enterprises on issues that related to policy and regulation, to address concerns and challenges faced by enterprises. 

As of November 2021, the BOI has signed US $ 2 billion worth of investment approvals. During the first half of 2021 alone, US $ 760 million has been invested in Sri Lanka, of which US $ 400 million is FDI, in contrast to pre-pandemic 2019, where 113 new projects were approved and added to the pipeline, to the value of US $ 1.1 billion, of which, the foreign component value was US $ 400 million. 

In 2020, despite the pandemic and slowdown in investment decisions, 128 projects were approved with a value of US $ 2.2 billion, of which, the foreign investment component was US $ 1.6 billion. In 2021, 117 new projects were approved to the value of US $ 2 billion, of which US $ 980 million is the foreign investment component. Through this, the overall investment pipeline has exceeded the 2019 values, despite the pandemic continuing through 2020 and 2021.