COLOMBO, Sri Lanka – The Board of Investment (BOI) has achieved a remarkable feat, surpassing its annual investment target of $1 billion within the first three months of 2024. This achievement was announced by State Minister for Investment Promotion Dilum Amunugama during a meeting with investors who signed agreements with the BOI in Q1.
The success can be attributed to two key factors: the large-scale Adani Solar project valued at $800 million and additional investments totaling $320 million secured from other enterprises.
The primary purpose of the meeting with investors was to assess project progress, address any lingering concerns, and offer support to projects initiated in Q1 2024. Attending investors confirmed they had received all necessary approvals from the BOI to proceed with their ventures.
A significant portion of these enterprises are actively involved in project construction, while a few have already commenced commercial operations and exports.
BOI Director General Renuka M. Weerakoon emphasized the availability of the Investor Facilitation Centre (IFC) to address any challenges faced by investors. The IFC streamlines the approval process by bringing together senior officials from relevant ministries and agencies, ensuring a swift resolution to approval-related issues.
Minister Amunugama acknowledged recent media discussions regarding the BOI’s future. He assured investors that the BOI will maintain control of existing zones, strengthen its overall role, and safeguard employee rights. Additionally, he clarified that the BOI’s approach will be aligned with global marketing strategies.
This accomplishment by the BOI signifies its effectiveness in attracting foreign investment. The early achievement of the annual target bodes well for Sri Lanka’s economic development.