Sri Lanka’s President tells BOI, foreign firms to get investments ready for next growth wave
Daily FT: President Ranil Wickremesinghe recently wooed Board of Investment (BOI) approved and overseas firms to get their investments ready as Sri Lanka will herald its next growth wave with stability restored. He made this observation during his address at the first-ever awards ceremony organised by the BOI marking its 45th anniversary at the Presidential Secretariat.
“Despite the turbulent period, we successfully stabilised the economy in under two years, a feat we continue to uphold. Notably, we have transitioned away from relying solely on the Central Bank for economic stability, opting instead to engage directly with the market,” the President said.
“Our next endeavour is to evolve into a highly competitive, export-oriented economy—a transformation projected to span a decade or more. Our focus now lies in attracting competitive investments, fostering a business-friendly environment, and enhancing the nation›s economic competitiveness,” emphasised Wickremesinghe.
The ceremony saw 30 awards presented to deserving companies and individuals for their noteworthy contributions to foreign direct investment and export performance, as well as recognising longstanding active participants. A rigorous evaluation process was undertaken to ensure merit. The President bestowed honour to individual contributions to the Sri Lankan economy with recipients being Brandix Group CEO Ashraf Omar, MAS Holdings Co-Founder and Chairman Mahesh Amalean, and Sail Lanka Yacht Group Chairman Pierre Pringiers. President Wickremesinghe personally conferred these accolades, acknowledging their significant impact on the nation›s economic landscape. He also thanked all the investors under the BOI for their persistence despite challenges. BOI Chairman Dinesh Weerakkodi presented a photograph capturing the inauguration of the Biyagama Investment Zone in 1981 to the President as a token of remembrance.
OSL take:
Sri Lanka, which is on a grid path after facing challenging economic conditions during the past few years, is definitely heading towards the next growth wave. The country is fast becoming a regional hub supported by the strategic positioning in the Indian Ocean and the many trade agreements as well as trade concessions enjoyed by Sri Lanka with other countries. Sri Lanka’s economic resilience and the current growth path have expanded the business/investment opportunities covering key economic sectors. As part of giving a boost to Sri Lanka’s next growth wave, the authorities are focused on further strengthening manufacture, trade, tourism and investment sectors. Given the growth and business potential in the country, foreign businesses/investors could confidently explore the growing business/investment opportunities in Sri Lanka. Also, with the country’s private sector showing a buoyant growth even amidst challenging economic conditions, foreign businesses/investors could look at forming collaborations with local businesses with the aim of further expansion.
| Article Code : | VBS/AT/20240419/Z_3 |