BOI signs Rs. 25 b worth of new projects; says it reflects diversified economic base

From January to May 2015, the Board of Investment of Sri Lanka signed 42 investment agreements with enterprises representing a vast range of sectors, which reflect the growing diversification of Sri Lanka’s economic base and exports.

These include such diverse sectors as mini hydropower plants, software development, tourist hotels, apparels manufacturing, apartment complexes, BPO for legal services, hospital, satellite TV broadcasting, plantation, leisure and cruise services and logistics operations, etc.  Of these a total of 36 were new agreements and six were expansions of existing projects.

The estimated value of these agreements was foreign investment worth Rs. 6,849 million (or $ 51 million) and local investments of Rs. 17,734 million. The total estimated value of the signed agreements was Rs. 24,588 million.

In the period under review the highest value of signed agreements for new projects was in the service sector totalling Rs. 6,715 million (25.11%) followed by Tourism and Leisure Rs. 4,772 million (19.41%) Utilities Rs. 3,680 million (15%) and Agriculture Rs. 3,282 million (13.36%). 

Expansions in January to May 2015 were mainly in the Manufacturing Sector representing Rs. 708 million, followed by Infrastructure (Rs. 392 million) and Apparel (Rs. 198 million).

An estimated 5,141 employment opportunities are to be created by the projects signed in January to May 2015. Indirect employment opportunities would be three-fold of the direct employment opportunities. Of these a total of 2,320 are to be created in the Apparel sector, 758 in the Tourism and Leisure sector, 534 in Infrastructure and 369 in Knowledge Services.