President rejects BOI resignations

Dilini Madushanki | Published: 12:09 PM Dec 6 2021
Local President rejects BOI resignations

President Gotabaya Rajapaksa has refused to accept the resignations of the chairman and the board members of the Board of Investment (BOI), who tendered in their resignations last week.

In a letter addressed individually to them, Secretary to the President Dr. P.B. Jayasundera said the head of state wishes for them to continue services, as he has the highest confidence in them.

They contribute effectively to promote foreign investments to the best interest of the country and help the post-COVID economic transformation, the president has said.

The letter to the BOI chairman is reproduced below:

As of November 2021, the BOI has signed USD 2 billion worth of investment approvals. 

During the first half of 2021 alone, USD 760 million has been invested in Sri Lanka, of which USD 400 million is FDI, in contrast to pre-pandemic 2019, where 113 new projects were approved and added to the pipeline, to the value of USD 1.1 billion.

Of this, the foreign component value was USD 400 million. 

In 2020, despite the pandemic and slow down in investment decisions, 128 projects were approved with a value of USD 2.2 billion, of which, the foreign investment component was USD 1.6 billion.

In 2021, 117 new projects were approved to the value of USD 2 billion, of which USD 980 million is the foreign investment component. 

Through this, the overall investment pipeline has exceeded 2019 values, despite the pandemic continuing through 2020 and 2021. 

Added to this, the year-to-date export value for BOI companies has also surpassed 2019 pre-pandemic levels.

Dilini Madushanki | Published: 12:09 PM Dec 6 2021

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