BOI aims $ 1.5 b FDI target in 2023: Dilum

Saturday, 22 July 2023 00:25 - - {{hitsCtrl.values.hits}}

Says in 1Q realised $ 211 m in FDIs; January-July BOI approves $ 682 m worth of FDI projects
Emphasises on need to make Sri Lanka an investment-friendly destination, addressing concerns on foreign investors’ protection, rights
Initiates ‘One Village-One Product’ to scale up at district and national level opportunities for rural exporters
Affirms cannabis pilot project will be launched by end 2023 upon necessary legislative changes in place

Acting Investment Promotion Minister Dilum Amunugama said the Board of Investments (BOI) of Sri Lanka has set an ambitious Foreign Direct Investment (FDI) target of $ 1.5 billion for the year noting that despite economic challenges, the efforts have shown some promising results.

Speaking to journalists at the Presidential Media Centre (PMC) on Thursday, he said that during the first quarter of 2023, the BOI has already realised $ 211 million in FDI, adding that from January to July, the BOI has approved investments amounting to a substantial $ 682 million, indicating a positive trend in attracting foreign investment. Minister Amunugama emphasised the need to make Sri Lanka an investment-friendly destination, addressing concerns about the protection of foreign investors’ rights. “To achieve this, the Government plans to update and amend the existing legislative framework by introducing new investment laws by the end of 2023. The objective is to ensure that foreign investors’ rights are protected when they invest in the country, while also avoiding any negative impact on current legal frameworks of other State entities,” he added.

To promote export-oriented businesses in rural areas, he said the Government has initiated the ‘One Village - One Product’ program. “This initiative aims to empower local entrepreneurs producing export-level products in selected regional secretariats. This initiative aims to scale up at the district and national levels, creating opportunities for rural exporters. To support this endeavour, a Central Export Centre will be established, fostering stronger connections between rural exporters and the Sri Lanka Export Development Board (EDB).

In addition to investment reforms, Minister Amunugama said the Government is also taking steps towards the legalisation of cannabis cultivation for medicinal purposes. “With over 200 project proposals already submitted, the Minister of Indigenous Medicine Promotion is working to amend the relevant laws,” he said.

As per the Minister, the Cannabis Pilot Project is anticipated to launch by the end of the year once the necessary legislative changes are in place.