Sri Lanka investment agency says will honour obligations

Nov 04, 2010 (LBO) – Sri Lanka’s Board of Investment (BOI) said it will continue to honour all contractual obligations and to accept new investment applications with priority being given to identified ‘thrust’ sectors. The investment promotion agency said in a statement it was clarifying reports that the BOI) has suspended the acceptance of investment applications for new projects pending the 2011 budget to be presented on November 22.

There has also been speculation surrounding the continuance of BOI concessions granted to investors, with reports that tax holidays might be withdrawn.

“The BOI continues to entertain and accept new applications for investments,” it said.

“Priority has however been given to the processing of investment applications to the thrust sectors that have been identified.”

These are tourism, agriculture, fisheries and dairy, education and training, information technology, business process outsourcing, infrastructure and ports and aviation.

“The current emphasis has also been on attracting high value investments in keeping in line with the evolving strategy for investment promotion arising from the newer opportunities of the country with the return of peace and stability.”