Investments for strategic development projects:

BOI targets US$ 2.5 b FDIs this year

by Uditha Kumarasinghe

The Board of Investment of Sri Lanka (BOI) has targeted to attract Foreign Direct Investments (FDIs) to the value of US$ 2.5 billion this year with investments for strategic development projects, newly introduced commercial hub provisions and country-wise investments in tourism, manufacturing and mixed development projects.

According to the Progress Review 2013 and the Way Forward published by the Investment Promotion Ministry, the BOI also hopes to achieve US$ 2,500 million this year in line with the Government’s policy of increasing the FDI/GDP ratio progressively to 5 percent by 2016 to sustain economic growth over nine percent. It is hoped that the FDI as a percentage of GDP would increase to 3.7 percent from its current level of 2.3 percent.

Considering the past performance in relation to employment generation and the projects under implementation especially the Strategic Development Projects, the BOI aims at creating 10,000 new employment opportunities this year.

The BOI also facilitates domestic investments at the same level of foreign investments without any discrimination.

As reflected in the Mahinda Chinthana the SME sector has been identified as an important strategic sector to promote regional growth.