BOI says US$ 1.5bn worth investment agreements signed in first 9 months

• Expects the figure to reach US$ 2- 2.5bn by year end

Despite COVID-19 related disruptions, Sri Lanka’s apex investment promotion body, Board of Investment (BOI) said it has approved agreements worth US$ 1.5 billion in the first nine months of this year. 

This value includes new investments and expansions of ongoing projects. According to BOI Director General Sanjaya Mohottala, this number is expected to reach US$ 2-2.5 billion by the end of this year.

“As the unprecedented crisis triggered by the coronavirus severely dented the world economy, it’s impressive to see local investors expanding their ventures in Sri Lanka. While the advanced economies are shrinking their activities, local investors grabbed the opportunities arisen in the present world market. The confidence of existing investors in expanding their projects, strengthened the rupee value of the country,” Mohottala said.

According to him the foreign investments are expected to grow significantly within the next two years and the basic requirements are already being worked out. A formal mechanism is being set up to initiate new investments as well. Mohottala also said BOI has also been focusing on the Sri Lankan workforce and the areas that can be used to capitalise on it. 

“The Eravur fabric park is one of our significant initiatives, which will bring huge foreign exchange saving to the country. We also expect to establish a rubber-based manufacturing zone outside Colombo and Gampaha districts. Fisheries and aquatic resources projects are too within our concerns. The focus is to implement these projects in the North, East and Northwest coasts. 

“Furthermore, we intend to establish IT parks in Colombo, Gampaha, Kandy, Hambantota,Vavuniya and Jaffna districts within next 05 years’ time. Young professionals from these areas who are qualified in IT field will be privileged to work in these ventures,” he said.