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Investment promotion prog. to be launched through SL embassies

21 Feb 2022

A formal investment programme is to be implemented with the contribution of Sri Lankan embassies around the world along with the Board of Investment of Sri Lanka (BOI), by analysing investment information in foreign countries and identifying investment opportunities available in those countries. Minister of State for Aviation and Investment Zones Development D.V. Chanaka has instructed the BOI officials in this regard while calling for an investigation into possible investments in Sri Lanka from various countries and the introduction of an easy way to obtain such investments.  The State Minister made these comments in a meeting with the heads of departments of the BOI. He also requested the heads of departments of Sri Lanka to involve all Sri Lankan embassies in investment promotion and to use detailed papers, emails, and inputs in the languages of those countries, including investment opportunities in Sri Lanka, for this purpose. In implementing President Gotabaya Rajapaksa’s economic policies, it was noted that the State Minister is focusing more on attracting more foreign direct investment (FDI). In this regard, more attention should be paid to investments that are appropriate for Sri Lanka as well as more readily available and expeditious. Sri Lanka has already entered into free trade agreements (FTAs) with India, Pakistan, and Singapore, and should seek further FTAs. With the emergence of FTAs between countries, the opportunity for foreign investors to enter the markets of those countries expands, and this is more important than attracting investments, the State Minister noted. Under the current Government, Sri Lankans living abroad are focusing on investing in Sri Lanka. A separate programme should be set up to bring them together for this. The meeting focused on providing attractive investment packages to Sri Lankans with foreign citizenship to invest in Sri Lanka. State Ministry of Aviation and Investment Zones Development Secretary Janaka Sri Chandragupta, BOI Chairman Raja Edirisuriya, and BOI Director General (Acting) Renuka M. Weerakone also expressed their views in this regard.  So far, investors from around 80 countries have invested in Sri Lanka in various fields. There are about 1,700 industries operating in and outside the investment zones. Through this, Sri Lanka earns more than $ 7 billion export earnings annually.


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