BOI targets $1 bn foreign investment
Uditha KUMARASINGHE and Irangika Range
****Many tax concessions await investors
****Growth in apparel, industrial, IT
sectors
Minister Anura Priyadharshana Yapa |
Information and Media Minister and Enterprise Development and
Investment Promotion Minister Anura Priyadharshana Yapa told Parliament
yesterday that the Board of Investment (BOI) is anticipating to attract
foreign investment worth over US$ one billion to Sri Lanka during this
year.
The Minister introducing four regulations under the Board of
Investment of Sri Lanka law, said the proposed new regulations are aimed
at expanding investment opportunities and develop available investment
opportunities in the country.
According to the Minister, the BOI has attracted a large number of
foreign investment to the country by achieving a considerable growth in
the apparel, industrial and information technology sectors.
In a situation where the entire world has faced an economic
recession, the BOI has been able to attract foreign investments worth
US$ 865 million last year, he said.
The BOI has made arrangements to provide tax concessions to new
investors. Potential investers will be given a 5,8 or 10 year tax
concession according to whether the area for which the investment is
made is normal, undeveloped or extremely undeveloped.
Meanwhile, the BOI has taken steps to encourage local investors.
The BoI has made arrangements to grant Rs. 650 million worth credit
facilities during this year to encourage small scale entrepreneurs.
The BOI under the Mahinda Chintana manifesto has decided to establish
300 new factories.
The BOI has set up a large number of factories. The expansion of
investment opportunities would directly help minimise unemployment in
rural areas.
The BoI has declared districts like Ampara as the most remote
district. Special tax concessions and other relief measures will be
given to potential investors in the most remote areas, the Minister
said.
Minister Yapa said President Mahinda Rajapaksa has also given a
special relief package to the export sector.
“This has resulted in making a rapid growth in certain export sectors
such as apparel and ceramic industry sectors.
The Government has already carried out a series of work for the
existence of the export sector. These new regulations will also help
rectify certain errors in the export sector,” the Minister said.
The BoI has laid special emphasis to upgrade the living conditions of
apparel sector employees.
The Government has provided series of concessions to the apparel
sector.
This has resulted in making a considerable growth in the apparel
sector, he said.
During this year, the BoI has already made a US$ 100 million
investment with Airtel and US$ 680 million investment with another
leading foreign investor, the Minister added.
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