Sri Lanka’s Board of Investment attracts $ 608 million in 2024
The Morning: Sri Lanka’s Board of Investment (BOI) signed 74 projects in 2024, with an estimated investment of $ 608 million, with the second half of the year showing slow growth, the Finance Ministry said.
According to a response tabled at parliament by Finance and Planning Deputy Minister Harshana Suriyapperuma on 18 December, the BOI signed 41 new projects and 33 project extensions between January and December 2024.
The statement said that the estimated total investment in the 74 projects signed in 2024 stands at $ 608 million, a mere $ 110 million growth in the second half of the year after recording $ 498 million investments in the first half.
Moreover, the Finance Ministry said that the government intends to establish five export zones in 2025, In Kankesanthurai, Paranthan, Mankulam, Iranavila and Kappalthurai in Trincomalee.
In terms of the existing industrial zones, the Finance Ministry said that BOI will look to modernise existing industrial zones in line with international standards while this modernisation will do according to global green standards to ensure environmental sustainability in order to attract investors.
Also, it said that the government has identified four sectors for which investments are prioritised, namely marine tourism, green hydrogen, higher education sector and information technology and innovation.
Furthermore, the statement said that the government will look to automate the investment approval process, where it will provide a platform for the investment applications to be filled online while allowing the investors to see the stages of the approval process.
In his policy statement before the parliament in November, President Anura Kumara Dissanayake said that his government intends to have more than $ 2 billion in foreign direct investments each year.
OSL take:
Sri Lanka is focused on attracting foreign investments to the country in-line with the country’s target of becoming a hub in the South Asian region. The ongoing economic expansion, the country’s strategic positioning in the Indian Ocean and the strong trade ties enjoyed by Sri Lanka with many foreign countries have all helped to further boost Sri Lanka’s image as an emerging business destination in the region. All these are indicative of the expansion in business/investment opportunities in the key economic sectors in the country. The increasing foreign investments to the country and the interest shown by foreign businesses to explore the expanding business/investment opportunities in Sri Lanka are indicative of the overall growth in the country’s business potential. The steady growth recorded by Sri Lanka’s key economic sectors and the increasing attention on Sri Lanka by foreign businesses/investors have ensured many lucrative business/investment opportunities for those exploring opportunities in the country. They could also look at forming partnerships or joint ventures with local businesses with the aim of further expanding operations locally and internationally.
Article Code : | VBS/AT/20250107/Z_1 |