BOI is investor responsive, one-stop centre
The Board of Investment (BOI) now operates as an investor responsive, one-stop centre following the recent reorientation programme aimed at streamlining official functions, pruning overheads and excess staff, a top official of the BOI said.
M.M.S. Ferdinando, acting Chairman and Director General (DG) BOI told the Business Times that the voluntary retirement scheme has been concluded and due promotions were given to the staff improving their productivity to achieve US$ 1.5 billion foreign investment target this year.
He said in recent times there was a rapid increase in approvals of foreign investment projects and signing of agreements to set up foreign funded ventures in the island during the past four months. One problem faced is the scarcity of land to investors and the duplication of investment promotion and granting approval for foreign investment projects by some state institutions which is no fault of the BOI, he said. Almost all the land at the 12 BOI zones has been exhausted and the institution is planning to set up 12 more Export Processing Zones (EPZ) in several locations in the island, he disclosed.
Mr. Ferdinando noted that future BOI zones will go beyond being large enclosed industrial parks and emerge as vital economic units which are integrated to townships. Work is currently under way on the Trincomalee – Heavy Industrial Zone. There will be other new zones in the former conflict-affected areas such as a Tourism Activity zone at Mullativu, an Agricultural Sector Zone in Batticaloa and one in Jaffna as well as in Sooriyawewa and Mirijjawila
Meanwhile more than 22 months after the creation of the executive Director General’s post at the BOI through an Act of Parliament, the race for the top seat is still on.
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