The Board of Investment (BOI), amidst confusing signals in its management and independence vis-à-vis the Ministry of Economic Development, has received 72 new investment applications in the first quarter of 2012 compared to the 28 received in the corresponding period of the previous year.
There were also five applications for expansion of existing projects, the Ministry said in a media release. The BOI granted approvals for 54 projects against 27 in the first quarter of 2011, up 100% over the previous year. The estimated investment of those approved projects was Rs. 96.3 million of which a total of Rs. 49.2 billion is expected as foreign investment and the balance Rs 47 billion as domestic investments.
“In terms of agreements signed, the BOI signed 40 project agreements in the first quarter of 2012 and this includes 33 new enterprises and seven project expansions,” the statement said. In the period under review 18 enterprises commenced commercial operation against 20 in the corresponding period in 2011.