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* BOI achieves more than 50 percent of its investment targets for the year
Sun, Aug 14, 2022, 12:11 pm SL Time, ColomboPage News Desk, Sri Lanka.

Aug 14, Colombo: Sri Lanka’s Investment promotion agency, the Board of Investment (BOI) has set a target of US$ 2 billion under new investment projects for this year and more than half of the expected target has been achieved so far, Director General of Sri Lanka Board of Investment Renuka Weerakoon said.

The Director General said the BOI has signed contracts for 75 projects with a total value of US$ 1.29 billion. Out of the 75 agreed projects, 26 are new projects, while the remaining 49 projects are expansions of existing businesses.

She said that in the first quarter of this year, investments of US$ 228 million have been received as foreign direct investments, and pointed out that it would not be difficult to reach the Board’s target of US$ 2 billion this year.

According to the Director General, since its inception, the Board of Investment has brought foreign direct investment of US$ 20.2 billion and currently 1,500 factories are operating under the Investment Board.

She pointed out that 280 projects are being implemented by those entrepreneurs in the free trade zones and while more than 500,000 Sri Lankans are employed by BOI industries, 140,000 are working in Free Trade Zones.

 

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