Sri Lanka’s BOI registered merchandise exporters record revenues surpassing $ 6 billion in Q3.
Sri Lanka’s merchandise export firms registered with the Board of Investment (BOI) have reportedly earned $ 6.6 billion during the first nine months of the year. This is a reflection of a growth of 16% compared to the same period a year earlier.
The BOI has announced that the 15 key performing sectors, which have shown over 19% of average growth in exports during the period include; wearing apparel, rubber products, textiles and fabrics, electronic and electrical goods, fabricated metal products, marine/fishing gear and accessories, footwear, leather products, PVC products, transport equipment, wood products, coir products, jewellery and lapidary and printed materials.
“The BOI has always been the forerunner of Sri Lanka’s export industry contributing over 65% to the country’s overall export earnings and 85% to the national industrial export earnings,” BOI Chairman Raja Edirisuriya has been quoted as saying in a BOI statement.
“The enterprises should be congratulated as they have braved a series of challenges posed by post-COVID-19 conditions and economic setbacks. This is a clear indication that BOI is always competent and equipped to deliver its service with great zeal even during crisis situations,” he has noted.
“Moreover, the BOI is currently focusing on both short-term as well as long-term strategic measures, which will result in increased FDI inflows to the country. As a short-term strategy to attract much-needed FDI, attracting and facilitating re-investments by existing companies while re-positioning Sri Lanka as a high-tech FDI destination based on Industry 4.0, developing new zones dedicated to priority sectors, and digitisation of the entire investor experience to ensure seamless delivery of services to investors can be identified as long-term strategic initiatives,” the BOI Chief has added.
BOI Director-General Renuka M. Weerakone has observed that the BOI as always has held its nerves and proved its excellence once again, notwithstanding a spate of hardships, adding that it became evident with the significant growth shown by the enterprises.
“We expect the crisis to ease off soon rather than later. Thus, the BOI is optimistic about reaching our investment targets this year with the commitment and guidance of the State Minister of Investment Promotion and Ministry officials,” she has said.
“Further, the BOI also looks forward to carrying on its service with the support of all relevant stakeholders in pursuit of ensuring that Sri Lanka becomes the preferred investment destination in the region amid challenges while contributing to the national economy at large,” Weerakone has added.
OSL take:
The revenue recorded by the BOI registered merchandise companies is indicative of the resilience of local enterprises amidst economic challenges. Sri Lanka’s manufacturing and exports sectors continue to post growth and profits even amidst challenging conditions. The many trade agreements as well as trade concessions enjoyed by the country have also helped boost Sri Lanka’s exports industry. The impressive profits posted by local businesses engaged in the manufacturing and exports sectors is indicative of the growing business potential in the two sectors. Foreign businesses/investors could explore the growing opportunities in Sri Lanka’s manufacturing and exports sectors while also looking at the possibility of forming partnerships or joint ventures with local businesses engaged in manufacturing and exports.
| Article Code : | VBS/AT/13102022/X_4 |