Sri Lanka’s Board of Investments approve projects worth US$ 1.2 billion this year
Sri Lanka’s Board of Investments approve projects worth US$ 1.2 billion this year

Sri Lanka’s Board of Investments approve projects worth US$ 1.2 billion this year

The Board of Investments of Sri Lanka has reportedly approved projects to the tune of US$ 1.2 billion so far this year.

The announcement has been made to the media by Director General (DG) of BOI, Sanjaya Mohottala.

Mohottala has said that another US$ 1 billion is in the pipeline for 2020 and this number can be further improved by next year.

According to reports, Sri Lanka also had seen a positive export trend from local and also BOI companies in July.

According to the BOI official, the political stability was created after the government secured a two thirds majority and the management method adopted to detect, eliminate and treat COVID 19 clusters and patients which is among the best in the world are major plus points to promote Sri Lanka not only as a destination for investment but also as a safe and secure country (health-wise) to invest.

Investors wanted a stable government and this has happened and now the investors want a corrupt-free country with a conducive environment for investments, local media reports stated.

Reports further state that investors also want to see the continuance of unchanged policies, a hassle-free public service and key infrastructure facilities which will also help raise Sri Lanka’s standing in the ‘Ease of Doing Business Index.’

Mohottala has identified the manufacturer of pharmaceuticals as a key sector to woo foreign direct investments (FDIs). “Though Sri Lanka doesn’t have the technological know-how we can build it by inviting global pharmaceutical giants to invest in Sri Lanka, manufacture (not Lanka’s total requirement) using local skilled graduates and sell to the local market and for exports as well. This will create a billion-dollar vertical over the next decade.”

“To pursue this we are planning to have a 200-acre pharmaceutical zone in Hambantota and will get global pharmaceutical manufacturers to set up factories. We will also facilitate all clearance for their operations with local authorities,” he has added

Electronic components manufacturing especially for global aviation, motor, and even pharmaceutical sector could be done in Sri Lanka while ICT is another vertical and already top global players such as HCL, London Stock Exchange and IFS are using a local talent pool and we must pursue more global technology companies to invest in Sri Lanka.

OSL take:

The projects approved by Sri Lanka’s BOI is indicative of the business/investment opportunities in the country. Sri Lanka’s economic revival following the Covid 19 lockdown has been impressive and the country has also recommenced its development programme. Sri Lanka’s geographical positioning in the Indian Ocean, ease of doing business environment in the country and the many trade agreements as well as trade concessions enjoyed by the country have made the island a business hub in the South Asian region. 

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Article Code : VBS/AT/20200908/Z_3

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