BOI to develop regional fisheries

As an island nation Sri Lanka has vast untapped fisheries resources that could address much of the countries food requirements as well as develop into a new export sector. For these reasons, the BOI organised an investor’s forum for the fisheries sector in the Negombo area.

The Forum, which was held at Hotel Choys in Negombo, brought together all the important stakeholders in the area of fisheries. These included major entrepreneurs in the Fisheries Sector, existing BOI Investors and officials from the Ministry of Fisheries.

The purpose of the Forum was to serve as an interactive seminar where ideas could be exchanged and challenges faced by this important sector, identified and addressed immediately.

The Forum initiated by Chairman/ Director General of the BOI, Dhammika Perera, was chaired by Deputy Director General (Investment) A. M. C. Kulasekera, who also briefed those present on the regime of investment opportunities that the BOI offers in the Fisheries Sector.

Area Director, Ministry of Fisheries and Aquatic Resources, Ranjith Bandara, who also participated, assured those present that all issues would be taken up by the Fisheries Authorities.

Kulasekera highlighted the current status of the sector where many benefits offered by the BOI remain unutilised. Should investors utilise them, it would give a new impetus to the development of Sri Lanka’s Fisheries Sector.

He also added that many investors were not fully aware of some technical aspects of the BOI package of incentives. For example, if an entrepreneur wanted to invest Rs. 15 million on a fisheries project the monies could be invested within a timeframe of 2-3 years. Hence an upfront payment was not required.

For investors in the Negombo area, there were opportunities such as the deep-sea fishing if they invested Rs 15 million on a long line vessel. Kulasekera said that it was important for fishing sector entrepreneurs to understand the full range of benefits the BOI offers investors.

The Forum was an interactive mechanism where entrepreneurs could bring to the notice of the authorities whatever concerns they may have.

The entrepreneurs also requested that recently built long line vessels should be taken into consideration as assets when they formally apply for BOI status. The need for berthing facilities for such vessels was also taken up with Fisheries Ministry officials present.

The forum was part of an ongoing BOI programme to build up local initiative with the objective of strengthening the National Economy. The entrepreneurs who participated expressed their appreciation for this programme, seeing the long-term benefits for investment into the fisheries sector of the Negombo area.