BOI’s 5-year plan will steer country on right path – DG

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The Director General of the Board of Investment of Sri Lanka (BOI) Renuka Weerakone said recently that investment facilitation has been recognised as a key measure for post-pandemic recovery of the economy.

“In the broader context of facilitation, the BOI engages with investors from the point of first inquiry by providing detailed information on the investment climate, priority sectors, investment incentives, country competencies, and locational advantages,” she said.

The virtual round table on Investment Facilitation for Development: ‘How Asian and Pacific Economies will Benefit’ was held on 19  May in Bangkok, Thailand. It was co-organised by the International Trade Centre (ITC), United Nations Economic and Social Commission for Asia, and the Pacific (ESCAP), Association of Southeast Asian Nations (ASEAN), the German Development Institute/Deutsches Institut für Entwicklungspolitik (DIE), and the World Economic Forum (WEF). The Roundtable is convened in the framework of the Investment Facilitation for the Development project, jointly implemented by ITC and DIE.

Speaking on the theme of ‘Which investment facilitation measures are most important’, Renuka Weerakone  said, “The BOI recently launched its Strategic Framework for the next five years, which presents a strategic approach in targeting and securing significantly higher levels of quality and sustainable foreign direct investment (FDI) for Sri Lanka, which would contribute substantially to the Government’s economic development agenda by creating employment opportunities, increasing export revenue and developing infrastructure.”

Weerakone highlighted that “within this framework, investment facilitation has been identified as a core stimulator under the overall investment policy, with a view to ensuring an efficient, transparent and predictable business climate”. Further, she mentioned that “Investment facilitation has been recognised as a key measure for post-pandemic recovery of the economy. In the broader context of facilitation, the BOI engages with investors from the point of first inquiry by providing detailed information on the investment climate, priority sectors, investment incentives, country competencies, and locational advantages.”

To streamline the approval process, the BOI has adopted several measures to enhance Investment facilitation including the ‘Investor Facilitation Center’, Digitalisation of the organisation especially to handle customs functions more effectively. She also said BOI is focusing on facilitation to encourage existing investors to reinvest and expand their operations.