News

Lanka seeks large scale FDIs

New investment strategy to be outlined in the Budget
By Bandula Sirimanna

A new investment strategy is being worked out by the Ministries of Finance and Economic Development with a view to increasing Foreign Direct Investment (FDI) for large scale projects including industrial ventures.Accordingly the mandate of Sri Lanka's Board of Investments (BOI) will be redefined and legislation enacted to replace the BOI with a new investment promotion authority, official sources said. Foreign investment approvals for small and medium scale projects and industries would be liberalized and there would be no need for them to seek BOI approval under the new authority, they said.

However, the planned changes have been delayed by a dispute between some top government officials as to whether the BOI should be replaced or strengthened under the same structure, they added. “With this uncertainty, the fate of the BOI would only be known when President Mahinda Rajapaksa presents the budget,” one senior official said.

He said Sri Lanka could easily reach the target of $2 billion in FDIs, even with two projects, which had been submitted, adding that the BOI cannot be run on Chinese restaurants and Indian restaurants “We need to properly classify projects,” he said.

In the meantime, the BOI – reacting to several Sunday Times stories on the future of the institution -, said in a statement that it would prioritise approvals of investment into specific sectors as part of its thrust to revive the country’s economy.

It said, foreign investments in tourism, agriculture, fisheries, education, Information Technology, outsourcing, infrastructure, ports and aviation would take precedence over others. Projects in those sectors would be given priority over those in telecommunications, property development, garments, and manufacturing, which were already developed, the BOI said.

Top to the page  |  E-mail  |  views[1]
SocialTwist Tell-a-Friend
 
Other News Articles
Lanka seeks large scale FDIs
Govt. going ahead with Las Vegas plans
Zardari coming with top businessmen
Job seekers stranded in Bangkok
Death certificates for missing people
The race is on
Upper Kotmale to add 150 Mw to national grid
A National identity sans racial, communal bias
Open forum to discuss issues
US body to set up rehabilitation centres in North and South
Misuse of funds alleged in thalassemia report
Textbook controversies trigger official visits and legal action
Govt. set to use military to suppress students: IUSF
Storm warning off Jaffna
Biographyon Ossie
2,000 bakers out of business
Hajj flight grounded, pilgrims stranded
Licence must for selling, repairing cell phones
Crackdown on narco trafficking continues
Seven Bills in House next week
Gag order on witness writing about trial
‘Sharks’ control fish trade
Lanka aims for 75 pc e-literacy by 2016
Let’s take on the hot topics

 

 
Reproduction of articles permitted when used without any alterations to contents and a link to the source page.
© Copyright 2010 | Wijeya Newspapers Ltd.Colombo. Sri Lanka. All Rights Reserved.| Site best viewed in IE ver 6.0 @ 1024 x 768 resolution