BOI says inked US $ 765mn investment agreements in first quarter of 2022

The state-run investment promotions agency, the Board of Investment (BOI), yesterday said it inked investment agreements worth of US $ 765 million in the first quarter of this year, with several leading investors doubling the number of agreements signed for new investments during the first quarter of 2022.  

It also said it received 33 investment proposals worth US $ 1,412 million within the first three months of the year. 

“This value includes investments of 22 new projects into diverse sectors in energy projects, including fuel and renewable sources (solar and wind), heavy industry, logistic and IT infrastructure sectors as well as investments into 11 project expansions,” a BOI statement said. It also said the number of new investment proposals received in the first quarter 2022 showed an 80 percent increase over the corresponding period of the year 2021.

The investment promotions agency further said work is in progress to establish a special unit styled ‘investment facilitation centre (IFC)’ within the BOI premises to expedite the investment approval process in collaboration with line agencies, by way of granting all the necessary approvals, both internal and external, for project establishment through a central facilitation point.

In the first quarter of 2022, the BOI said it made significant strides towards digitisation of the investor service process by introducing paperless import-export documentation for Customs approvals and automating payment of export verification charges. In addition, the BOI said action has been initiated to provide readily available developed lands for investment projects for identified sectors such as textile and pharmaceutical manufacturing, agro-based industries, electrical and electronic, steel and heavy industry as well as the ICT sector, creating opportunities for investors to set up business ventures in Sri Lanka.