Sri Lanka investment agency to be revamped

Feb 14, 2011 (LBO) – Sri Lanka’s investment promotion agency will create ‘Investor Relations Teams’ and special units for large projects under a revamp mean to increase investment, a statement said. No staff will be laid off as a result of the reorganization, the BOI said. The Board of Investment will also set up an integrated ‘Investor Solution Centre’ to guide investors through the business start-up process, it said.

The BOI, which expects to attract over a billion US dollars in foreign direct investment this year, said the changes aim to focus resources on priority investment projects most critical to national development.

This is meant to accelerate job creation and income growth in all areas of the country.

The new BOI strategy aims to raise FDI in Sri Lanka to the desired level of 4 – 5 percent of Gross Domestic Product over the next three years.

With the end of the war, we in the BOI need to take a lead in defining investment priorities and marketing these to investors, rather than just responding to proposals only, said Jayampathi Bandaranayake, chairman of the BOI.

“And, once companies are ready to invest, the BOI needs to do everything possible to get thei