Arjuna Herath to step down as BOI Chairman in January

The Chairman of the Board of Investment (BOI), Arjuna Herath has announced his decision to relinquish his role on January 31, 2026, marking the end of a pivotal tenure focused on structural reform. 

Herath, who assumed the chairmanship in October 2024, stated that he has requested the government to release him to fulfill personal commitments that were postponed to undertake the leadership position. 

A former Senior Partner at Ernst & Young, Herath brought extensive corporate governance expertise to the agency, having previously served as President of the Institute of Chartered Accountants of Sri Lanka.

His departure comes at a critical juncture as the BOI undergoes a significant transformation under the Economic Transformation Act (ETA). The new legislation aims to bifurcate the agency’s traditional roles, separating investment zone management from investment promotion to streamline efficiency. 

Herath has been a key figure in laying the groundwork for this transition, ensuring that the agency remains focused on its ambitious FDI targets. He noted that a firm foundation is now in place for 2026, supported by the achievement of reaching the Rs. 300 billion (approx. US$ 1 billion) mark in foreign inflows by the end of 2025.

Throughout his term, Herath adopted a strategic approach to “big-ticket” regional investments, navigating complex negotiations for major projects. 

Herath expressed confidence that these initiatives will ensure a smooth transition and continuity for his successor as the country targets US$ 2 billion in FDI for 2026.