Sri Lanka’s Board of Investment approves investments for steel manufacturing plant and oil refinery
The state investment promotion agency of Sri Lanka, Board of Investment (BOI), has reportedly approved investments for a steel manufacturing plant and an oil refinery.
Sri Lanka’s Minister of Development Strategies and International Trade Malik Samarawickrama has made this observation during a post budget forum.
“Already this year the Board of Investment has approved in principle a billion dollar steel manufacturing plant in (eastern) Trincomalee,” the Minister has rpeortedly told a post-budget forum held by Ernst & Young the day after the government’s 2019 budget was presented in parliament.
“The BOI has approved another proposal for a four billion dollar export-oriented oil refinery, although it will–take about three and a half years to set up the plant.”
The refinery will be in southern Hambantota, where there is a large port run by a Chinese company.
“These two large investments are from Singaporean companies – the refinery and steel manufacturing plant – using the Free Trade Agreement for their investments,” Samarawickrama has been further quoted as saying by the local media.
“They will show the world we are ready for business.”
OSL take:
The announcement by the Sri Lankan Minister on the country’s Board of Investment granting approval for the setting up of a steel manufacturing plan as well as an oil refinery in the country is indicative of the inflow of foreign direct investments to Sri Lanka. The country’s development agenda along with the economic policies adopted by the government that has continuously improved the ease of doing business environment in Sri Lanka have made the island nation more attractive for foreign investments. Therefore, foreign businesses/investors could explore the project pipeline and investment opportunities in Sri Lanka.
| Article Code : | VBS/AT/11032019/Z_5 |