BOI and EDB initiative to develop manufacturing sector

The Board of Investment of Sri Lanka (BOI) and the Export Development Board (EDB) are exploring ways to further strengthen their partnership to achieve the nation's economic goals.

The two key economic agencies, which support bringing valuable foreign exchange earnings by way of exports and foreign direct investments, at a recent meeting agreed to 'work very closely to achieve benefits for the country in the two respective areas', a BOI official said.

The BOI delegation headed by Chairman Upul Jayasuriya also included Director General Duminda Ariyasinghe and senior officials. The EDB side led by Chairperson, Indira Malwatte, included assisted by Additional Director General, Development, Jeewani Siriwardane and senior EDB officers.

The successful attraction of FDI will also result in enhancing the country's export earnings by the setting up of export-earning enterprises. This in turn leads to wealth creation and employment generation, a press release from BOI said.

Both agencies are working very closely in the management and facilitation of the World Economic Development Forum (WEDF) due to be held in October.

The co-ordination in Sri Lanka for this important international conference has been done by the Chairperson of the EDB.

Some senior BOI officials are also actively engaged in some of the co-ordination committees of the conference with EDB staff, with representatives of other state agencies and Chambers of Commerce, to ensure that this event will be successful and result in considerable economic benefits to the country, the release said.

"In the past, the BOI to some extent, focussed on attracting projects in real estate and infrastructure development.

However, a new emphasis has been accorded to manufacturing. In the case of the EDB, manufacturing has always been the main focus, hence in this respect, the two agencies will compliment each other in developing and strengthening the manufacturing sector in Sri Lanka," a BOI official said.

Parallel to the World Economic Forum, Sri Lanka will hold a Boat Show where local companies will showcase the manufacturing capacity of the country in the boat-building sector.

There was agreement that the infrastructure around yacht building also needs to be developed including the construction of several marinas to make the island an interesting and attractive yachting destination. BOI officials are currently evaluating several project proposals to build marinas in the island.

The two agencies also discussed promoting the automobile components manufacturing industry which could supply automobile parts to manufacturers overseas. Several overseas enterprises had shown interest in this sector.

The other area discussed was the pharmaceutical sector and the steps that need to be taken to build-up the pharmaceutical manufacturing capacity in the country.

Both sides also examined the question of developing research ability which would lead to investments where knowledge and technology could be developed in the country.

The two agencies also agreed to approach leading research institutions in Sri Lanka to develop value-added products particularly in areas such as tea, rice and other food products.