The Board of Investment (BOI) signed both local and foreign investment deals to the tune of US$ 2 billion last year, said Chairman BOI, Dinesh Weerakkody.
This is despite internal setbacks in Sri Lanka as well as global economic issues with three wars going on involving Russia, Ukraine and Israel and neighbouring countries over Gaza. As the Sri Lankan economy is slowly but steadily pulling back from the worst economic situation post-independence era investors prefer to invest in Sri Lanka while BOI companies too are looking to reinvest.
BOI achieved US$ 2 billion in total investments with signed and approved FDI projects for 2023 which shows that investor appetite is once again back in Sri Lanka.
The significant increase in projects is due to the high value of investment in the energy sector.
Investments such as Adani Corporation, Sinopec, RM Parks with Shell, and further sectors such as ITC, BPO, Tourism, and Manufacturing are the sectors getting more investments.
Countries such as China, India, the US, HK, UAE, France, Korea, Germany, and Singapore are the destinations invested during 2023.
For 2024 the divesting of shares with Sri Lanka Telecom, Sri Lanka Insurance, Colombo Hilton, Lanka Hospitals and some State banks will bring in additional foreign funding to Sri Lanka.
Already 3 RfQs were received from, Jio Platforms Ltd, Gujrat, India, Gortune International Investment Holding Ltd (c/o Capital Alliance Limited) and Pettigo Comercio International LDA (c/o NDB Investment Bank Ltd) towards SLT Request for proposals. The Japanese Ambassador in Sri Lanka, MIZUKOSHI Hideaki, said that once the Debt Restructuring process is completed the Japanese investors will end their wait and see policy and reinvest in Sri Lanka again.
The Colombo Port City, as well as some private sector projects, signing of FTAs with Thailand and other countries too will help Sri Lanka to better 2023 FDI figures next year.
