Rs. 96. 317 m BOI investments in first Q

In the first quarter of 2012 the BOI received 72 new applications compared to the 28 received in the corresponding period of the previous year. There were also 5 applications for expansions of existing projects.

In the first quarter of 2012, the BOI granted approvals for 54 projects against 27 in the first quarter of 2011. This was a 100% increase over the previous year. The estimated investment of those approved projects was Rs. Million 96,317 of which a total of Rs. Million 49, 169 is expected as foreign investment and the balance 47, 148 as domestic investments. These approved projects would create 9,500 new employment opportunities.

In terms of Agreements signed, the BOI signed 40 project agreements in the first quarter of 2012 and this includes 33 new enterprises and 7 project expansions. This was a 25% increase from the 32 agreements signed in the corresponding period in 2011.

In the period under review 23 projects started project implementation, all of which were new projects. It's a 64% increase compared with the new projects starting implementation in the first quarter of 2011. The estimated value of the investment from companies that commenced implementation is Rs. Million 75,273. They will create 2,946 employment opportunities.

In the period under review 18 enterprises commenced commercial operation against 20 in the corresponding period in 2011.