Sri Lanka BOI attracts investments of $1.8 bn in 2023
Colombo (LNW): Despite economic contractions, State Minister of Investment Promotion Dilum Amunugama announced that Sri Lanka’s Board of Investment (BOI) has successfully attracted investments totaling US$1.8 billion, with US$1.5 billion being foreign direct investments (FDI).
Participating in a progress review and investor awareness program organised by the Board of Investment, the State Minister disclosed that from January 1, 2023, to November 23, 2023, the value of approved and registered projects had increased to US$1.8 billion.
A notable highlight is the remarkable 122 per cent growth in foreign investment projects compared to the previous year, contrasting with slower progress in domestic investments.
This year, the Board of Investment has greenlit several new projects, particularly in the energy sector, shaping the country’s trajectory in this field.
Notably, high-value investments from major entities like Adani Corporation, Sinopec, and RM Parks (in collaboration with Shell) are expected to significantly impact the country’s energy sector in the future.
The surge in projects is primarily attributed to substantial investments in the energy sector, while other sectors such as tourism, information technology, business process outsourcing (BPO), communication, and manufacturing also witness significant investments.
Minister Amunugama highlighted that countries like China, India, the United States, Hong Kong, the United Arab Emirates, France, Korea, Germany, and Singapore are set to join the investment framework in 2023.
