Q3 merchandise export revenues of BOI enterprises surpass $ 6 b

Saturday, 8 October 2022 00:00 - - {{hitsCtrl.values.hits}}

The Board of Investment (BOI) registered merchandise export firms have earned $ 6.6 billion during the first nine months of the year, reflecting a growth of 16% compared to the same period a year earlier, showcasing the resilience of the enterprises amidst unprecedented economic challenges.

The 15 key performing sectors, which have shown over 19% of average growth in exports during the period include; wearing apparel, rubber products, textiles and fabrics, electronic and electrical goods, fabricated metal products, marine/fishing gear and accessories, footwear, leather products, PVC products, transport equipment, wood products, coir products, jewellery and lapidary and printed materials.

“The BOI has always been the forerunner of Sri Lanka’s export industry contributing over 65% to the country’s overall export earnings and 85% to the national industrial export earnings,” said BOI Chairman Raja Edirisuriya.

“The enterprises should be congratulated as they have braved a series of challenges posed by post-COVID-19 conditions and economic setbacks. This is a clear indication that BOI is always competent and equipped to deliver its service with great zeal even during crisis situations,” he emphasised.

“Moreover, the BOI is currently focusing on both short-term as well as long-term strategic measures, which will result in increased FDI inflows to the country. As a short-term strategy to attract much-needed FDI, attracting and facilitating re-investments by existing companies while re-positioning Sri Lanka as a high-tech FDI destination based on Industry 4.0, developing new zones dedicated to priority sectors, and digitisation of the entire investor experience to ensure seamless delivery of services to investors can be identified as long-term strategic initiatives,” the BOI Chief explained.

BOI Director-General Renuka M. Weerakone said the BOI as always has held its nerves and proved its excellence once again, notwithstanding a spate of hardships, adding that it became evident with the significant growth shown by the enterprises.

“We expect the crisis to ease off soon rather than later. Thus, the BOI is optimistic about reaching our investment targets this year with the commitment and guidance of the State Minister of Investment Promotion and Ministry officials,” she said.

“Further, the BOI also looks forward to carrying on its service with the support of all relevant stakeholders in pursuit of ensuring that Sri Lanka becomes the preferred investment destination in the region amid challenges while contributing to the national economy at large,” Weerakone added.

With all the positive initiatives planned and implemented by the BOI to ensure seamless services, such as the establishment of the Investment Facilitation Centre (IFC), digitisation of BOI functions including Customs documentation, promoting re-investments, the introduction of a partnership finder database, five-year resident visa program, etc., the BOI expects that Sri Lanka’s investment environment will be more conducive to attract much-needed FDI to the country.