BOI Sri Lanka Accelerates Projects under Rapid Investor Facilitation

22nd April 2010, www.dailynews.lk

The Board of Investment (BOI) is now accelerating proposed projects under implementation through rapid investor facilitation.
The BOI has taken this step since there were many Foreign Direct Investments (FDIs) directed to Sri Lanka during the first four months of this year which was US $ 250 million, BOI Chairman Dhammika Perera said.

Thirty percent of the FDI to Sri Lanka is directed fully by foreign investors. Joint ventures too have a 30 percent share in FDIs. The locals have contributed with 30 percent share in to total investments.

“We are at present looking at re-evaluating our resume of incentives to the investors. Apart from that, BOI expects to encourage investments in the Northern and Eastern areas. The investments in agriculture, fisheries and food processing will be encouraged in the Northern and Eastern areas,” Perera said.

The BOI encourages joint venture investments with Sri Lankans. Those joint ventures will promote application of latest technology and knowledge to various industries. Thus the focus on joint ventures should grow further, he said.

“Tourism will be the other area that many investments should focus on.

“There are several infrastructure facilities that must be developed to accommodate many tourists. These facilities definitely have to be on par with international standards,” Perera said.

There is good potential in the East coast with many natural reserves.

But what Sri Lanka needs at present is formal training institutes to improve the service provided by leisure sector employees.

He said that industries such as agriculture, fisheries should come to the market with value addition.