FDI target set by BOI for 2023 amounts to 1.5 billion USD
Investment laws to be amended to make Sri Lanka an investment-friendly destination
• Plans to update current laws to ensure the investment rights of foreign investors
• Measures to strengthen the connection between the rural exporters and the SL Export Development Board
• Cannabis Pilot Project to commence by the end of 2023
The target set by the Board of Investments (BOI) for Foreign Direct Investments (FDI) for 2023 is 1.5 billion US dollars and BOI FDI realized in the First quarter of 2023 amounted to 211 million US dollars, State Minister of Investment Promotion Dilum Amunugama stated. The BOI has approved investments of 682 million US dollars from January to July, he added.
Despite the ongoing economic crisis, the BOI has been able to attract Foreign Direct Investments of 1.75 billion US dollars exceeding the targeted amount of 1 billion US dollars for 2022, State Minister Dilum Amunugama mentioned.
He expressed these views ,july (20) during a press conference themed ‘Collective Path to a Stable Country’ held at the Presidential Media Centre (PMC).
State Minister of Investment Promotion Dilum Amunugama further commented;
It is necessary to update and modify Sri Lanka’s existing legislative framework in order to make the country an investment-friendly destination. It is expected to introduce new investment laws by the end of 2023, without affecting other government entities’ current legal frameworks.
Additionally, foreign investors do not receive their investment rights when they enter this country. As a solution, we must update our legislative framework to ensure that their investment rights are protected.
A seven-member committee consisting of Director Generals of government institutions has already been appointed to look into the existing laws that restrict investments.
The government intends to execute a program under concept of ‘One Village – One Product’ to empower entrepreneurs who produce export-level products in selected regional secretariats, involving them in the export process, and scale it up at the District and National levels. A Central Export Center will be established for them and measures will be taken to strengthen the connection between the rural exporters and the Sri Lanka Export Development Board.
In line with the government’s proposal to cultivate cannabis for medicinal purposes, 200 project proposals have so far been submitted. The Minister of Indigenous Medicine Promotion has undertaken the task of amending the relevant laws. The government intends to launch the Cannabis Pilot Project by the end of 2023 following the passage of these laws.
President’s Media Division (PMD)