In limbo-BOI boss skips top conferences

Monday, 16 July 2012 00:00 - - {{hitsCtrl.values.hits}}

Perhaps in limbo given the uncertainty, Board of Investment (BOI) Acting Chairman and Director General M.M.C Ferdinando last week skipped two important conferences which among other things focused on investment promotion.

Ferdinando whose substantive post is Secretary Ministry of Power and Energy, was scheduled to address the world famous Seatrade Communications organised two-day Sri Lanka Ports, Trade and Logistics conference as well as the Ceylon Chamber of Commerce organised Sri Lanka Economic Summit.

He skipped both with BOI Executive Director Research and Policy Advocacy Dr. Nihal Samarappuli asked to stand in.

Analyst linked the skip by Ferdinando since his position at BOI is in limbo with the current Board’s term not extended since end June. Others said pressing issues with unions demand for wage hike and drought taking the limelight forced Ferdinando to prioritise power and energy focus. Given the importance of the two conferences analysts opined Ferdinando should have put a brave face and attended though some countered saying given the confusion BOI cannot make an effective presentation in terms of investments.

Following amendments to the BOI Act passed a few months back, the BOI’s combined Chairman/Director General function is being separated and former BOC General Manager W.A. Nalani is tipped to be appointed as CEO of the BOI.

At the Ceylon Chamber of Commerce’s Economic Summit, the failure by the BOI to effectively function as one stop shop came under spotlight in terms of challenges to increase foreign direct investments.