Corporate plan to be re-assessed, BOI revenue to top $ 1b

by Lalin FERNANDOPULLE

The new Board will re-assess the five-year Corporate Plan of the BOI and make changes to achieve the economic goals of the country, said the new Chairman of the BOI, Jayampathi Bandaranayake assuming duties on Wednesday.

He said the BOI will have a more targeted and selective approach to attract Foreign Direct Investment (FDIs) and enhance revenue to the country.

The current plan of the BOI focus on sectors such as manufacturing of non traditional and high value added sectors, manufacture of apparel and accessories, tourism and leisure, agriculture, agri-processing, deep sea fishing, dairy and livestock and infrastructure.

“The standards of the BOI will be improved to international level with modern practices and technology to compete better with the rest of the world”, Bandaranayake said.

He said, Sri Lanka attracts less than US$ 1 billion FDI a year whereas many countries in the Far East achieve in excess of US$ 5 billion. The BOI targets US$ 1 billion revenue this year.

The revenue of the BOI last year was US$ 602 million and in the previous year it was US$ 889 million.

“The BOI must play a vital role in transforming the institution into a world class enterprise to build on the conflict free environment and political stability that has been restored”, the Chairman said. There must be progress in the country to create positive sentiments among potential investors”, he said.

The private sector has pledged to support the economic development program of the country and when the targets are achieved it would improve the prospects of corporate sector of the country.

Many in the past who headed the BOI have pledged to transform the august institution but todate no concrete steps have been taken to improve the standards. Plans to make it a one-stop-shop is yet to see the light of the day.