BOI awaiting basic approvals to attract IT firms
The Board of Investment (BOI) is awaiting logistics approval to attract 100 new IT firms into the country.
The target is to secure US$2 billion this year by attracting 100 new tech firms with 30,000 seats of Plug and Play, a senior BOI official told the Business Times on Thursday. He said approvals are sought for concessions such as vehicle permits for a company (one each) and visas for staff etc. “We are expecting these to be sorted out by the end of this month.”
A well-articulated approach that will support the achievement of a knowledge-driven economy and double its Gross Domestic Product (GDP) over the next decade through multi-sector investment opportunities, key target thrust sectors including ICT, ITeS, and knowledge sectors has been identified, the official added. The ICT industry in the country is being assisted by the agency to collaborate with leading global consultancies to develop a simplified get-started guide for new BPO prospects in the SME sector, he explained further. He said the investment agency has also identified 50 companies that have already invested in the country to reinvest.
It is important to build basic infrastructure to ensure future growth and to retain a highly trained local workforce in the IT field, he said. Stressing the importance of leveraging Sri Lanka’s human capital advantage, he said the high literacy rate, language competency, different skills, trainable young, and a highly motivated workforce should be nurtured.
It is important to recognise the critical role that start-ups play in growing the local innovation economy through research and commercialisation, the official said adding that the country’s ratings have to be elevated to attract sustainable investment. He said that the next International Monetary Fund tranche will rally more confidence and will bring in more investment.
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