FDIs inflow as envisioned - DG, BOI | Sunday Observer

FDIs inflow as envisioned - DG, BOI

28 August, 2022

The inflow of Foreign Direct Investments (FDI) is as anticipated, Director General of the Board of Investment of Sri Lanka (BOI), Renuka Weerakoon told the Sunday Observer yesterday and added that the BOI has not experienced any downturn in investments.

“The flow of investment has been steady, particularly in warehouse, logistics and Information Technology businesses,” said Weerakoon.

She said this in response to our question whether the current economic situation in the country has impacted negatively on the BOI’s facilitation for investors and its investment promotion plans and the promotion targets set for the year.

She said the BOI has set a target of US $ 1 billion this year because investors are showing a keen interest in Sri Lanka as a preferred destination.

“We are working on expanding our sector-based Foreign Direct Investment promotion programs to accommodate more investors who have expressed an interest in investing in Sri Lanka,” she said.

“The BOI can meet its US 1 billion target for the year,” she said.

When asked whether the BOI’s recently implemented tourism-related investment promotion programs, such as condominium development investments, were helping to address the country’s dollar crisis, she said there are some condominium investment promotions that are under the BOI purview and some others such as the recently introduced Golden Paradise Visas program for foreigners who wish to invest in condominium properties in Sri Lanka, which is not handled by the BOI.

“That program is handled by the Emigration and Immigration Department,” she said, adding that these programs are expected to generate good foreign exchange.

Tourism revenue in Sri Lanka increased to US $ 173.60 million in February from US $ 148.10 million in January this year.

Tourist arrivals in July increased by nearly 55.5 percent compared to March 2022, according to Central Bank sources.

According to Tourist Board sources, tourist arrivals in July increased by nearly 55.5 percent compared to March this year. This is the highest number of tourist arrivals recorded so far this year.