- Have already received investments to the value of US$ 600mn via the BOI
- Received inquires for projects to the tune of US$ 3 bn
The story of investments not coming to the country is Opposition propaganda which is false. Since the Government was set up, foreign direct investments to the value of over US$ 600 million had come into the country through the BOI, said Industry and Entrepreneurship Development, Deputy Minister Chathuranga Abeysinghe.
He said the Government has received inquiries regarding investments to the value of around US$ 3 billion which needs feasibility studies and evaluation for granting approval.
“The Government, through the Ministry of Industry and Entrepreneurship Development, has identified agriculture, fisheries and palmyrah as industries that have immense potential for value addition,” the Deputy Minister said.
He said the Government has allocated over 600 acres of land in three locations in the North and the East for industrial development and added that steps are being taken to expedite work on setting up export processing zones on identified land in the two provinces.
“We have received over 200 investment proposals through the BOI for which land will be allocated in the Western Province. Plans are afoot to increase the land extent for industrial development from a low percentage to around 1 percent of the total land which is around 50,000 acres by 2030,” the Deputy Minister said.
On the US tariff discussion he said there has been tremendous progress made by the Sri Lankan team as the Government is positive as other countries to reach a favourable trade arrangement with the US without losing competitiveness.
The US slapped a 40 percent tariff on all products exported to the US from Sri Lanka.
However a 90-day pause which ends on July 9 gave some breathing space to Sri Lankan exporters such as apparel which account for around 27 percent of the total exports to the USA, tea and rubber who too count for a sizeable portion of exports.
The Deputy Minister said special attention has been paid towards the small and medium scale enterprises (SMEs), the first to get hit by such drastic trade policies.
He said SMEs will be taken care of under the industrial development plan.
He said measures such extending the execution of the parate law and setting up a SME advisory committee to support the sector will help the small and medium sector businessmen to tide over tough times.
