Sri Lanka’s BOI ensures uninterrupted services for export-oriented enterprises despite lockdown - Opportunity Sri Lanka
Sri Lanka’s BOI ensures uninterrupted services for export-oriented enterprises despite lockdown

Sri Lanka’s BOI ensures uninterrupted services for export-oriented enterprises despite lockdown

Sri Lanka’s Board of Investment (BOI) has reportedly stated that it would ensure uninterrupted services for export-oriented enterprises amidst private sector concerns over the impact of the latest lockdown in view of the third wave of the Covid-19 pandemic.
“The BOI enterprises are encouraged to continue operations, while strictly adhering to the guidelines issued by the Ministry of Health. The countrywide travel restrictions will not cause any inconvenience to the cargo movements and logistic facilities. Exports of the companies will continue unabated amidst travel restrictions,” BOI Chairman Sanjaya Mohottala has said in a statement.

According to Mohottala, the need of continuing the manufacturing process is a national responsibility, despite the current Covid-19 situation in the country.
“All the services provided by the BOI will be available without interruption through online platforms and at service locations. We will facilitate enterprises within and outside the BOI zones to operate without any interruption,” he has further stated.
Factories have been instructed to act as a ‘bio-security bubble’ to contain the spread of the virus and the latest guidelines and required instructions can be obtained through www.investsrilanka.com and via email info@boi.lk.

Mohottala has called on all employees and firms to strictly adhere to the health guidelines, noting that prevention was the best tool in combating this global health threat.
To mitigate the spread of the virus and ensure the maximum protection of the employees, the BOI has reportedly requested the authorities to vaccinate the factory employees based on a risk assessment methodology.
In March 2021, exports had crossed the US$ 1 billion mark (up 62% year-on-year) for the first time since September 2020, reinforcing the sector’s resilience. Exports in the first quarter had amounted to US$ 2.6 billion, up 11.5% from a year earlier. Given the robust performance, the government of Sri Lanka had pinned on hopes of the export sector racking in around US$ 900 to US$ 1 billion monthly, leading to the US$ 12 billion target in 2020.

OSL take:

Sri Lanka’s economy has shown great resilience to external and internal challenges through the years and is once again on the path to recovery. The country’s manufacturing and exports sectors continued operations through the Covid 19 lockdowns. The two sectors have therefore shown great potential as business/investment opportunities in the country. Sri Lanka is fast becoming a business hub in the South Asian region given it’s geographical positioning in the Indian ocean and the many trade agreements as well as trade concessions enjoyed by the country. Foreign businesses/investors could therefore explore the growing opportunities in Sri Lanka’s manufacturing and exports sectors.

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Article Code : VBS/AT/20210520/Z_3

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