16 June 2016 10:41 am
Sri Lanka’s agency for investment facilitation, the Board of Investment (BoI) has entered into 37 new foreign direct investment (FDI) agreements worth US $ 579 million during the past two months, which will create an estimated 6,000 direct employment opportunities.
“Investor-friendly policies, simplified systems and procedures and business-like attitudes adopted by the BoI over the last year led to phenomenal growth of FDI inflows,” the BoI said in a statement.
It noted that the re-established one-stop shop, which has been further strengthened by the government, had created results.
In 2014, Sri Lanka had hit its record of US $ 1.53 billion in FDIs, which moderated to US $ 969 million in 2015 over an uncertain political front.
The real estate industry had led the charge on investments to go hand in hand with the government’s proposed Megapolis project.
The BoI said that nine apartment complexes, with investments of US $ 230 million, and three mixed development projects worth US $ 144 million had been signed.
“Four new agreements have been signed representing investments of US $ 85 million. These projects include a variety of services such as feeder services, marine services, entrepot trading, offshore businesses, front-end and headquarter operations and others,” the BoI said.
It added that the logistics sector is envisioned to contribute 10 percent to the gross domestic product by 2020, compared to the current 3 percent, and that the increased efficiencies at Sri Lankan ports and airports will attract investments.
Agreements for four new hotels with investments of US $ 69 million had also been signed, which the BoI welcomed as a step towards reaching the government’s target to have a national room capacity of 75,000 by 2020 to cater to four million tourist arrivals.
The country’s leading export industry, apparel, had attracted two investments worth US $ 15 million to produce garments and garment accessories, which will provide employment for 1,300 individuals, the BoI said.
The agricultural sector had attracted investments of US $ 14 million, with one company planning to cultivate high-quality vegetables for export and establishing an agriculture training institute, while another company is planning to produce value-added tea for export markets.
Investments have also been planned for a US $ 7 million export trading house to design and export non-traditional products, a US $ 3.8 million hospital in Mahiyangana and a US $ 4.5 million veterinary pharmaceutical factory for exports in Homagama.
A higher education institute in Batticaloa, along with several mini hydro plants and IT/BPO ventures are also planned, the BoI said.
The BoI said that nine apartment complexes, with investments of US $ 230 million, and three mixed development projects worth US $ 144 million had been signed.
“Four new agreements have been signed representing investments of US $ 85 million. These projects include a variety of services such as feeder services, marine services, entrepot trading, offshore businesses, front-end and headquarter operations and others,” the BoI said.
It added that the logistics sector is envisioned to contribute 10 percent to the gross domestic product by 2020, compared to the current 3 percent, and that the increased efficiencies at Sri Lankan ports and airports will attract investments.
Agreements for four new hotels with investments of US $ 69 million had also been signed, which the BoI welcomed as a step towards reaching the government’s target to have a national room capacity of 75,000 by 2020 to cater to four million tourist arrivals.
The country’s leading export industry, apparel, had attracted two investments worth US $ 15 million to produce garments and garment accessories, which will provide employment for 1,300 individuals, the BoI said.
The agricultural sector had attracted investments of US $ 14 million, with one company planning to cultivate high-quality vegetables for export and establishing an agriculture training institute, while another company is planning to produce value-added tea for export markets.
Investments have also been planned for a US $ 7 million export trading house to design and export non-traditional products, a US $ 3.8 million hospital in Mahiyangana and a US $ 4.5 million veterinary pharmaceutical factory for exports in Homagama.
A higher education institute in Batticaloa, along with several mini hydro plants and IT/BPO ventures are also planned, the BoI said.