Sri Lanka’s Board of Investment signs deals for US$ 165 million fresh investments with 20 companies
Sri Lanka’s Board of Investment (BOI) has reportedly announced that it has entered into 20 supplementary agreements that are collectively worth US$ 165 million to expand the existing operations.
According to reports, the agreements were signed by BOI Chairman and Engineer Raja Edirisuriya and Director General Renuka Weerakoon with Aitken Spence (apparel), Asia Pacific Institute of Information Technology, Bodyline, Dialog Axiata, DPL Premier, DPL Universal Glove, Drivima Lanka, EPL Global Freeport, Everest Industrial Lanka, Golden Star, Inoversal Labels, International Institute of Health Science, MAS Legato, Nature Export, Shiran Apparel, Trischel Fabric and Unichela.
Issuing a statement, the BOI has noted that these investments represent diversified sectors such as apparel manufacturing and accessories, assembling of refrigerators and cooler accessories for commercial purposes, healthcare education training, business process outsourcing services, hub operation activities to facilitate entreport trading, telecommunication infrastructure, tertiary education in information technology (IT), accessories for the hospitality sector and industrial rubber gloves.
BOI Chairman Raja Edirisuriya has been quoted as saying, “Despite the slowdown of the economic activities in the world due to COVID pandemic, we are delighted to welcome the existing investors, who have initiated reinvestments under the purview of the BOI. We are also overwhelmed by the confidence placed by the existing investors about the economic policies pursued by the Government. This is a welcoming boost to the country›s stability of the economy.”
Sri Lanka’s economic resilience amidst the pandemic and the growth posted by several key economic sectors have attracted investments to the country. The country’s geographical positioning in the Indian Ocean, the many trade agreements as well as concessions enjoyed by the country and the ease of doing business environment have also added to Sri Lanka’s attraction as an emerging business destination in the South Asian region. The ongoing development programme covering all key economic sectors have further increased the country’s business/investment opportunities. All these have attracted foreign businesses/investors to explore opportunities in Sri Lanka while local businesses are also looking at expansion programmes through investments. Foreign businesses/investors could explore the growing opportunities in Sri Lanka while also looking at forming partnerships or joint ventures with local businesses.
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