BOI fast-tracks projects with rapid investor facilitation, says new BOI Chief
Aimed at attracting S$ 2 billion in Foreign Direct Investments (FDI) this year, the Sri Lanka Board of Investment (BOI) is now accelerating proposed projects under implementation through rapid investor facilitation, follow up action and constant monitorig while making every effort to attract prospective high net-worth foreign investors, the head of Sri Lanka’s investment promotion agency said.
Sri Lanka is a “gold mine although it has no gold”, he said adding that what he meant by that was the opportunities for investors opened after the ending of the 30 year-old war and the rapid infrastructure development taking place in the island.
Speaking to the Business Times Chairman/ Director General of the BOI Dr. Lakshman Jayaweera revealed that the FDI figure is determined by the accumulation of the funds received throughout the year on a piecemeal basis from the total value of the projects of which the agreements signed this year or in a previous year.
Dr Jayaweera is a Sydney-based chemical engineer who built a leading resource recovery and chemical company called HydroMet Corporation Ltd in Australia.
He possesses over 35 years of experience in worldwide corporate and business ventures, resource development, alternative energy, environmental and chemical sector in Australia and elsewhere.
“What we are doing now is fast-tracking the agreements signed in previous years to bring the much needed foreign exchange to the country and find new investors for productive ventures,” he added.
A special unit has been set up at the BOI to attend all inquiries on investments of foreign businessmen and companies over the phone or via BOI website through the Internet.
Officials of this unit will direct these inquirers to respective officers to provide necessary information and fulfill their requirements, he said, adding that every inquiry will be attended promptly under his personnel supervision.
All the relevant ministries would be coordinated by the BOI so that they could make use of this unit to formulate project proposals for foreign investments
A special research team has been entrusted with the task of devising detailed reports on leading companies’ worldwide enabling the BOI to take the lead role in fetching foreign investment, he added.
These companies will be provided with information on investment opportunities in Sri Lanka, and the special unit will follow up their responses, he disclosed.
While there are no problems within the organization now, in some cases investors need clearances from other state institutions, he said.
With most such institutions now under the umbrella of the Ministry of Economic Development, many of the bottlenecks which investors faced in the past in obtaining clearances have been resolved through better interdepartmental cooperation, he added.
Dr. Jayaweera noted that a new promotional strategy on FDI attraction is now being implemented by the BOI taking into account global changes and the countries strengths and weaknesses.
Among the goals set under this promotional strategy are the development of a number of thrust sectors such as tourism, manufacturing, IT and IT enabled services, education, agro based industries, infrastructure and other vital areas.
“Sri Lanka is also seeking large scale and strategic investments to boost her infrastructure and import substitution of a number of products such as cement, tires and dairy products through investment are also priorities of the BOI,” he said.
Many have not made use of the powers given to the BOI to speed up investment as well as to cut across bureaucracy creating a fast track for FDI and the much needed confidence among foreign investors, he pointed out.
Some of these powers are to grant tax incentives (Power of Inland Revenue Act), undertake the import and exports of the BOI enterprises and also give duty free concessions (Powers of Customs Ordinance), and exchange control powers where banks could open foreign currency banking accounts with the approval of BOI.
The BOI Act has powers which no other organization has to act as a one stop shop and facilitate foreign investment and also to earn the much needed foreign exchange by promoting export oriented projects.
Dr. Jayaweera said that his ambition is to attract more foreign investments using his worldwide contacts and powers of the BOI as well as its worldwide reputation.
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