New agency to replace BOI, EDB: 2023 Budget presentation

Sri Lanka will set up a new institution titled 'Agency for External Trade and Investment' which will replace the Board of lnvestment, Export Development Board, Sri Lanka Export Credit Insurance Corporation, National Enterprise Development Authority etc. with the enactment of a new law.

This was announced by President and Finance Minister Ranil Wickremesinghe when presenting the 2023 budget on Monday.

He said Sri Lanka is facing forex shortages due to ongoing economic crisis, the inflows of forex should be reviewed.

It is noted for some time that the coordination issues associated with the government agencies working for the external trade and investment affects the performance of the country’s exports. Besides, there are several incentive programmes being implemented by the government agencies to encourage exporters at present. “Therefore, it important to set up a single agency enabling to create a conducive environment for promoting investment and external trade,” he said.

Here is the link to the budget speech in all three languages:

https://www.parliament.lk/files/pdf/budget/2023/budget-speech-2023.pdf#page=95