Online edition of Daily News

The Philatelic Bureau of the Department of Posts issued a new postage stamp in the denomination of Rs. 4.50 on Wednesday to commemorate the 25th anniversary of the Board of Investment of Sri Lanka (BoI). Prof. G. L. Peiris, Minister of Enterprise Development, Industrial Policy and Investment Promotion and Constitutional Affairs cancelled the stamp at the Auditorium of his ministry.

BoI celebrated its silver jubilee on March 8, 2003. In its twenty-five years of existence the Board of Investment of Sri Lanka has attracted a large number of local and foreign companies to invest in Sri Lanka. Currently there are over 1,200 enterprises, which come under the BoI regime. They employ over 400,000 workers and have brought new skills into the country.

Secretary to the Ministry of Media and Mass Communication Kumar Abeysinghe presents the new postage stamp to Minister Prof. G. L. Peiris. BoI Chairman Arjunna Mahendran and Chairman Wayamba Economic Commission, Lalith Kotelawala are also in the picture.

This has resulted in the diversification of Sri Lanka's economy. BoI companies account for 60% of Sri Lanka's exports and 80% of industrial exports. This stamp issued by the postal authorities of Sri Lanka symbolises the BoI's past importance as well as the vast opportunities it will open in the future for the country and its people. The BoI was initially known as the GCEC when it was set up in 1978. In 1992, it was reconstituted as the Board of Investment of Sri Lanka. The BoI's main role is to promote investment and facilitate, evaluate and assist investors wishing to set up projects in Sri Lanka. The BoI also manages the eight Export Processing Zones and three Industrial Parks where much of the investment is located.

The Board of Investment of Sri Lanka has been restructured under a program, where five Economic Commissions, for the purpose of promoting investment and generating economic development in Sri Lanka were set up. These Commissions will be responsible for the Western Region, the Southern Region, the North-East Region, the Central Region and the North-Western Region.