Govt. to allow non-BOI firms to come under investment promotion agency

Recognising significant foreign investor interest in companies affiliated with the Board of Investment (BOI), the Cabinet of Ministers this week granted approval to a proposal enabling non-BOI companies to fall under the purview of the state-run investment promotion agency.
According to Cabinet Spokesperson Minister Bandula Gunawardana, the recognition and security that businesses may gain by being associated with the BOI appear to be motivating foreign investors to enter into agreements with the investment promotion agency. 

To formalise and enable such actions, an order has been enforced through an extraordinary gazette notification dated June 1, 2023, exercising powers vested in the Minister of Investment Promotions under section 24 of the Board of Investment Act.
The Cabinet of Ministers this week approved the proposal by President Ranil Wickremesinghe, who also serves as the Minister of Investment Promotion,  to present this order to parliament for approval.