BOI seeks private-sector professionals to its newly formed specialised unit

• The initiative is based on recommendations made by a Committee headed by Treasury Secretary 
• Talent infusion part of a broader ‘Revamping the BOI’ agenda
• BOI has identified that six thrust sectors for attracting FDIs

The Board of Investment (BOI) has commenced recruiting professionals from the private sector on contract basis to a newly formed specialised unit with a view to gain much-needed competitive strength against leading regional international promotion agencies (IPA) to secure targeted foreign direct investment (FDI) inflows to the country.
The initiative is based on recommendations made by a Committee headed by the Secretary to the Treasury, and the Cabinet of Ministers already granted approval to recruit professionals on contract basis to selected positions identified and for the formation of a special unit in BOI.

“Professionals who would be recruited to this unit would need to possess deep business knowledge, international exposure, and a proven track record of identified private sector-based industry and domain specific skills, in addition to professional and academic qualifications,” the BOI said in a press release yesterday. 

With the global FDI pool declining by over 40 percent, the BOI reiterated that aggressive and targeted actions are urgently required to secure targeted investments inflows to the country by competing with over 1000 odd IPAs in the world. 

“Aggressive and targeted actions of leading international promotion agencies (IPA) around the world have reinforced the need for IPAs to invest strategically in promotion-based activities in order to not only secure a greater share of a contracted FDI, but even to ring-fence investments they already have in pipeline.  

Such campaigns should not only be adequately funded, but they must also be professionally executed with a combined public-private sector expertise, if they are to yield exponential results,” it elaborated. 

The talent infusion is part of a broader ‘Revamping the BOI’ agenda that is deeply focused on building an enabling, cohesive and globally competitive organization, and a strong public-private partnership.

“Other thrusts actioned already include the secondment of private sector professionals to the BOI for short term exposure programmes and vice versa. 

As paperless contact is the way of the future, simultaneous focus on a digitization drive has also been initiated to facilitate a seamless customer experience for all requests received. Accordingly, an online customs documentation system has been actioned along with online payment platforms, with projects underway to introduce an online process for investor project submission and approval as well,” the BOI noted. Meanwhile, the BOI said that it was able to secure projects worth over US$ 2.3 billion in 2020 despite the pandemic-infused challenges.

Commenting on upcoming investment projects, the BOI noted that the dedicated textile manufacturing zone in Eravur would come into operations in September this year after securing the first investment of US$ 35 million while additional investors already on the process of reserving land plots in the zone. “Once operational, the zone will localise a significant quantum of fabric related imports which approximate US$ 2 billion. It will also generate 5000 plus employment opportunities for a region that otherwise ranks high on youth employment relative to the rest of the country,” it added. 

The BOI has identified that six thrust sectors which includes manufacturing, ICT, tourism & hospitality, agri & food processing, infrastructure, and other selected services for focus in attracting FDIs, based on its high potential to the country’s economy and its citizens to capitalise on.