Sri Lanka’s BOI engages in a dialogue with investors who have re-invested in the country giving a positive message
The Board of Investment (BOI) of Sri Lanka has reportedly held an ‘Investor Facilitation and Networking Event’ recently to engage in a dialogue with investors in Sri Lanka who have re-invested in the country.
The BOI has stated that by confirming their trust in Sri Lanka and in the Board, these investors had sent a very positive message to potential investors both in Sri Lanka and overseas.
Nearly 200 existing investors who had opted to reinvest in the country, Ministers Mangala Samaraweera, Malik Samarawickrama and BOI Chairman Dumindra Rathnayake as well as BOI’s Mangala Yapa Board were present at the occasion.
The BOI has identified existing investors as a major potential source for future investments in the country. In fact what is known as expansions (ie the decision on the part of a BOI investor to further invest) has become a major share of the actual investments handled by the Board.
According to reports, one of the main reasons that this important group can be encouraged to invest in projects is that they are already familiar with the business environment of the country and their experience in Sri Lanka has been positive and beneficial. Hence they are agreeable to reinvest in the country.
The BOI has stated that existing investors are considered brand ambassadors with a very clear understanding of the business environment and with considerable knowledge of the most attractive reasons for setting up projects in Sri Lanka. Therefore, can therefore be a powerful voice in Sri Lanka’s favour.
Many existing investors have an extensive network of contacts and for that reason the BOI currently works very closely with them to attract more investment in the country.
Reports further state that a major reason why investors have decided to reinvest in Sri Lanka is due to the commitment of the Sri Lankan government including the BOI to create a more business friendly and conducive environment.
Therefore, more investor friendly mechanisms are being set up to fast track the approval and implementation of projects are additional reasons and the fact that there are currently more opportunities to invest in new areas. In addition, the new liberalized laws covering the foreign exchange regime, simplified taxation laws that reduce upfront costs and efforts to improve facilitation are also important considerations.
OSL take:
The event organized by the BOI to felicitate nearly 200 investors who have re-invested in Sri Lanka indicates the level of confidence of individuals who have entered the country. With the many investor friendly mechanisms that are being set up to fast track the approval and implementation of projects in Sri Lanka, the entrance of foreign businesses/investors entering the country would see an increase.
| Article Code : | VBS/AT/20180327/Z_1 |