- Plans to set up seven investment zones in 2025
- Digitisation of project applications and tracking to begin mid this year
The Board of Investment (BOI), the apex agency for investment promotion targets committed foreign direct investments (FDIs) to the tune of US$ 3.4 billion of which realised investment would be around US$ 1.8 billion this year according to a senior official of the BOI.
“There is renewed interest shown by investors to set up operations in Sri Lanka and we are confident of reaching the FDI target this year,” said Director General of the BOI, Renuka Weerakone.
Seven investment zones; three in the North, 1 in the East, 1 in the North Western province and two technology parks one in Galle and the other in Kurunegala are in the pipeline this year, the BOI Director General said.
The BOI already has 15 export processing zones, a fabric park in Eravur in Batticaloa and a pharmaceutical zone in Hambantota.
The investment promotion agency signed agreements for 90 projects last year of which 45 were new projects and the rest were expansions of existing companies.
On the digitisation aspect, the Director General said the BOI hopes to launch the digitisation of project applications and tracking process by June and to link it with external agencies hopefully within this year under the second phase of the project.
Outlining the investment strategy at the recently held Economic Summit in Colombo BOI Chairman Arjuna Herath stressed the importance of mobilising local and foreign investors to achieve the investment target.
Key sectors including hospitality, logistics, renewable energy, technology, agriculture, and apparel and textiles were listed out by Herath to attract foreign direct investments through a conducive environment for investments.
The BOI would contribute close to two percent to the US$ 90 billion GDP aimed at this year through FDIs.
The Government expects the economy to grow by around five percent this year.
