BOI targets more FDIs

by L.S. Ananda WEDAARACHCHI

The Board of Investment (BOI) will attract Foreign Direct Investments (FDIs) in a number of thrust sectors such as manufacturing, export oriented services, knowledge-based services tourism and leisure, higher education, agriculture and infrastructure, said BOI Chairman M.M.C. Ferdinando.

The BOI achieved US$ 1.1 billion last year, the highest ever inflow of foreign direct investment. In the first quarter of 2012 there were inflows of US$ 238 million. The BOI is confident that this trend would continue notwithstanding the global economic situation. The improvement in Sri Lanka’s business climate is the result of President Mahinda Rajapaksa’s strategic vision for the country and for better coordination between state agencies under the Ministry of Economic Development. Hence, Sri Lanka has moved up nine places in the Doing Business Index of the World Bank, the Chairman said.

“When we look at the FDI, it is very clear that Sri Lanka is an integral part of the modern global economy with services representing the lion’s share as in the case of advanced economies.

FDIs in the services and infrastructure sector in 2011 was US$ 726 million, a 107 percent increase compared to the previous year.

Manufacturing recorded US$ 322 million in 2011, a 101 percent increase compared to 2010. This again underscores the economic changes taking place in the country.