Export revenue of BOI enterprises tops US $ 6.5bn in first nine months

4 October 2022 01:24 am - 7 - {{hitsCtrl.values.hits}}

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The Board of Investment (BOI) enterprises accounted for US $ 6.6 billion of merchandise exports during the January-September period, up 16 percent compared to the corresponding period of 2021, the apex investment promotion agency said.

According to the Export Development Board data, the merchandise export income to Sri Lanka during the January-August period was US $ 8.8 billion, up 12 percent from a year ago.

The export data for October are yet to be published. According to the BOI, 15 key performing sectors, which have shown over 19 percent of average growth in exports during the said period, include wearing apparel, rubber products, textiles and fabrics, electronic and electrical goods, fabricated metal products, marine/fishing gear and accessories, footwear, leather products, PVC products, transport equipment, wood products, coir products, jewellery and lapidary and printed materials.

“The BOI has always been the forerunner of Sri Lanka’s export industry, contributing over 65 percent to the country’s overall export earnings and 85 percent to the national industrial export earnings,” said BOI Chairman Raja Edirisuriya.

Meanwhile, he said the BOI is currently focusing on both short-term as well as long-term strategic measures, which would result in increased FDI inflows to the country.

“As a short-term strategy to attract the much-needed FDI, attracting and facilitating reinvestments by existing companies while repositioning Sri Lanka as a high-tech FDI destination based on Industry 4.0, developing new zones dedicated to priority sectors and digitisation of the entire investor experience to ensure seamless delivery of services to investors can be identified as long-term strategic initiatives,” Edirisuriya underlined. BOI Director General Renuka M. Weerakone remains positive about the investment targets set for this year with the expected easing in the ongoing economic crisis.

“We expect the crisis to ease off soon rather than later. Thus, the BOI is optimistic about reaching our investment targets this year, with the commitment and guidance of the state minister of investment promotion and ministry officials,” she noted.

Comments - 7

TS Tuesday, 04 October 2022 07:38 AM

Raja Edirisuriya is a capable person. He should bring further improvements in the BOI to make it the organization which should lead the investment drive. However, being an organization in existence for the last 40 years, it is laden with bureaucrats who have forgotten the meaning of its existence. Changing such internal organization environment will be the challenge of Mr. Edirisuriya.

Patriot 1234 Tuesday, 04 October 2022 07:59 AM

What matters is how much of those export proceeds channels via formal banking system. Some exporters park their US$ income overseas. Some channel via informal ways. There is no proper mechanism to monitor these even during this crisis.

Rishan Tuesday, 04 October 2022 08:17 AM

Better check that USD 6billion export revenue banked into their Sri Lankan Accounts.

Terrence Tuesday, 04 October 2022 09:10 AM

Commendable of the Exporters of this country going that extra mile to earn foreign currencies. Ensure that the earnings should not be squandered by roguish politicians of this regime

Mike Tuesday, 04 October 2022 09:23 AM

No use , we all saw the COPE briefings. Give me the BOI , I will show you how things are done . Open challenge

Rohan Tuesday, 04 October 2022 10:38 AM

Watch Harsha de Silva give a mouthful to these 2 in this video "මුදල් කමිටුව හමුවේ අසරණ වූ BOI ලොක්කෝ". Just gross incompetence.

Lanka Wednesday, 05 October 2022 09:22 PM

People, please watch Harsha de Silva's meeting with these guys and decide for yourselves. One has no idea what he's doing. He even admits. It's on record.

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Export revenue of BOI enterprises tops US $ 6.5bn in first nine months

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