BOI to attract more FDI

The Board of Investment of Sri Lanka (BOI), the government investment promotion arm which celebrated its 30th anniversary last week launched “Invest Sri Lanka”, a new initiative to make the agency more business friendly and to attract FDI into the country.

BOI Chairman, Dhammika Perera said that the new initiative would bring in a more investor friendly structure and practices to the BOI.

The new initiative seeks more support from government bodies. Perera said that the BOI will propose a 90-day action plan to the government outlining changes that can be done immediately to benefit the investment policy framework.

Addressing the launch of “Invest Sri Lanka Initiative” and the new BOI website Perera said, “We hope to set up advisory committees to advise and support us in this endeavour. We call upon our investor community and business chambers to make suggestions which could increase FDI inflow to the country”.

He stressed the need for drastic changes in existing rules, regulations and procedures to attract much needed FDI into the country. To face the present economic crisis we need more new investments. We are living in a changing world.

The situation demands us to think outside the box, paving the way for a strong economy. All constraints and impediments obstructing the rapid growth and increase of FDI should be eradicated, he said. He also stressed the need to build a more business friendly policy framework.

The BOI said it broke all records in attracting FDI to the country in its 30-year history during the past year, under much worse political economic conditions. GW