BOI projects provide 9,500 jobs

By Naalir Jamaldeen

The Board of Investment (BOI) has granted approval to 118 investment projects from January to September, 2013. During this period 105 agreements were signed with an approximate investment of US$ 2 billion. Fifty-five projects launched commercial operations last year providing 9,500 employment opportunities, Investment Promotion Ministry sources said.

The FDI inflow from January to September 2013 was US$ 870 million and the FDI inflow in the corresponding period of 2012 was US$ 615, the sources said.

The major sector for FDI generated during 2013 was Manufacturing, amounting to 31 percent out of the total FDI, Port Development - nine percent, Telecommunication - 17 percent and Property development - 13 percent, according to the sources.

In terms of countries, China led other countries with a contribution of 24 percent to the FDI inflow during the period concerned (up to third quarter 2013) followed by Hong Kong and Singapore which contributed 12 and 10 percent. It is evident that approximately 65 percent of FDI has come from Asian countries, the sources said.

Domestic investment has continued to grow and recorded US$ 403 million from January to September 2013. The key areas of domestic investment include airline services, hotels, telecommunications and manufacturing sector including textile and apparel.