BOI sees mix of economic incentives to boost investment

SRI LANKA'S Peace Secretariat and Board of Investment are working with the common aim of mobilising the maximum possible investment into troubled areas, BOI Chairman Saliya Wickramasuriya said.

Addressing the Pacific Basin Economic Council's (PBEC) 38th International General Meeting in Hong Kong recently, the BOI Chairman said this effort will require innovation and a mix of economic and non-economic incentives which are built upon the existing investor-friendly policies and taking into consideration the fact that foreign visitors have never been targeted in the conflict.

"Mechanisms like the MIGA's PRI package and investment fund will greatly mitigate risk, and help turn challenge into opportunity for investors," Wickramasuriya said.

He said the Government's new Economic Policy Framework sets aggressive targets to stimulate rural development and accelerate economic growth.

"At the recently concluded Post Tsunami Sri Lanka Development Forum, the international community pledged unprecedented support to help rebuild our nation.

In addition, we ask our major trading partners to extend this support by providing our exports with preferential market access. This will be the foundation on which we can base the sustained growth required for maximum peace dividend," he said.

The Chairman said South Asia and the Pacific basin countries should develop modalities to cooperate, share information and experiences to rise above the scourge of war, terrorism, disaster or disease.

He also said that in the global race for Foreign Direct Investment investors who are conduits for terrorist funding, narcotics and arms trafficking, or other illegal purpose may exploit loopholes in the regulations of aggressively competing developing countries.