Sri Lanka to re-assess foreign investment strategy

May 13, 2010 (LBO) – Sri Lanka’s investment promotion agency will re-assess its strategy following the end of a long drawn out separatist war with plans for a stronger focus to attract investments from the United States and Europe, officials said. The Board of Investment of Sri Lanka now has a five-year corporate plan. But a 30-year war ended last year and a re-shuffled administration is in office after the ruling coalition was re-elected in April.

The new administration has appointed fresh faces to some state agencies, including the BOI.

Co-ordinated Strategy

“The role of the new board would be to re-assess the relevance of these plans to meet the overall economic plans of the country and see what modifications may be necessary,” newly appointed BOI chairman Jayampathy Bandaranayake told reporters.

The BOI is one of the agencies that come under the economic development ministry headed by Basil Rajapaksa, brother of Sri Lanka’s president Mahinda Rajapaksa.

The ministry includes key areas including tourism, which has drawn increased investment attention of late. The agency said it was processing or had already approved 480 million US dollars worth investment applications mostly into leisure.

BOI deputy direc