Sri Lanka to Hire Global Consulting Firm to Attract FDI
By Ishara Gamage
Sri Lanka plans to hire a top global management consulting firm and a Public Relations (PR) agency to attract foreign direct investment (FDI) to the Island nation. Boston Consulting Group (BCG) and McKinsey and Company, two of the world’s leading investment advisory management companies, have been nominated. However, when inquired from Chairman of the Board of Investment of Sri Lanka (BOI) Sanjaya Mohottala in this regard, he stated that the Government has not yet reached a final decision in this regard.
“Despite the macro challenges the country has faced due to the COVID pandemic, the BOI, along with key line ministries, are firmly focused on attracting FDI to Sri Lanka. A collective effort of this nature requires a sustained commitment if far-reaching initiatives to improve and enhance the investment climate of Sri Lanka, such as policy and legal reforms and digitization of processes are to be achieved”, he said.
Therefore, that the BOI has issued an RFP, conforming to the Government-approved bidding process, to identify and select a PR agency. RFPs will also be issued shortly to seek proposals for internationally scalable creative content development and execution, in addition to the conceptualisation and management of a globally competitive website; all, which are capable of promoting uniquely Sri Lankan investment propositions to effectively divert global attention towards the country and draw in much needed FDI to Sri Lanka as a result.
According to him, the BOI must also position Sri Lanka compellingly and competitively and portray the country accurately as a preferred investment destination. “This is even more important in an environment where attentiongrabbing headlines dominate,” he said. “This is why it requires the holistic management of Sri Lanka’s image as an attractive investment destination, both globally and locally”.
Together with the close collaboration of its eco-system that includes embassies and high commissions, it must also take multiple thrusts, strategies, and channels into acute consideration to build this image cohesively and consistently, retaining relevance against other competing international promotion agencies all the while.
The BOI believes that it is the opportune moment to lay the foundation for such targeted and unifying image-building activity, as it also coincides with the successful conclusion of the recently held Sri Lanka Investor Forum (SLIF). Its significance is further underpinned by the promising inflexion point the country will soon experience, owing to the successful national vaccination drive taking place currently, which has the potential to steer the country closer towards open borders and full economic activity.