BoI to recommend a "90 day action plan"

The Board of Investment (BoI) is to recommend a "90 day action plan" to the government outlining changes that can be implemented immediately to benefit the nation's investment policy framework.

Dhammika Perera, Chairman/Director General BoI, addressing a felicitation event this week to recognise premier investors in the country, said that such a proposal will attract the much needed Foreign Direct Investment (FDI ) to the country.

He said that the BoI is also to set up committees to advise and support them towards this effort. “We urge our investor communities as well as Chambers of Commerce to offer ideas and activities which could increase and assist the FDI inflow to the country,” he said.

He said that 2007 was a year where the BoI approved 652 projects, the highest ever number of applications approved in its 30-year history. BOI was able to sign 303 agreements and achieved the highest ever FDI totaling US$ 734 million in 2007. This was an increase from the US$ 603 million reached in 2006.

The BoI reviewed foreign direct investment performance during 2007 with a special emphasis on investments realized by investing companies during the year. The main investors in 2007 were Malaysia, the United Kingdom, Japan and Hong Kong. Malaysia was the leading investor in 2007, with Dialog Telekom PLC representing the bulk of this investment totalling US$ 328 million in 2007.

Dialog Telekom PLC secured the top slot in investment rankings for the 3rd year in succession having being recognized as Sri Lanka’s largest investor in 2005 and 2006 with investments of US$ 90 million and US$ 150 million respectively. Dr. Hans Wijayasuriya, Group CEO Dialog Telekom PLC said, “Dialog’s investments have been consistently and single mindedly focused on elevating Sri Lanka ’s ICT infrastructure to world class standards, and to delivering world class connectivity services to all Sri Lankan citizens.”