Country receives over US$ 600 Mn as new Boi investments | Daily News
During First Quarter of this year

Country receives over US$ 600 Mn as new Boi investments

Expects US$ 2 Bn new investments by year’s end

The country received new investments amounting US$ 604 million during the First Quarter (FQ) of this year and it is expected to receive US$ 2 billion in new investments by the end of this fiscal year, Investment Promotion State Minister Dilum Amunugama said.

He said that the country is receiving more investments and accordingly several MOUs relating to new investments including foreign investments, have been signed. Besides, a few other MOUs are scheduled to be inked between the investors and the Board of Investment (BOI) in due course.

The State Minister was speaking while addressing the media at the State Ministry in Colombo yesterday.

“Despite several external and internal setbacks, for instance the global economic downturn and the COVID pandemic, the BOI recorded a 38 per cent increase in Foreign Direct Investments (FDI). With these setbacks, the demand side of the economy is impacted by less purchasing power of the consumers. The BOI received investments amounting to US$ 1,076 million in 2022 against US$ 780 million received in 2021,” State Minister Amunugama said.

“In the contest of employment generation, positive growth of 3 per cent has been recorded. In comparison to 2021, new employment opportunities of 14,332 were reported in 2022” the Sate Minister said.

“Accordingly, it can be observed a improvement in the three main sectors namely FDI, Exports and Employment when comparing the adjoining years of 2021 and 2022. The FDI increased from US$ 780 to US$ 1,076 by 38 per cent from 2021 to 2022. The increase in the export sector (Merchandize and Service) is 9,385 in 2022 against 8,788 in 2021 recording an increase is 7 per cent. The employment (Cumulative) sector achievement recorded as 500,664 in 2022 and it was 486,332 in 2021. The development of the sector is 3 per cent.

Manufacturing, telecommunication and port sector development sectors have received significant high FDI during this period. The performance in the manufacturing is 78 per cent, telecommunication 57 per cent while that of post sector is 329 per cent.

Amunugama said that from January to May proposals worth US$ 604 million with 22 new projects and expansions had been received. Sectors such as hotels and tourism, construction, logistics and warehousing, agriculture, apparel, and manufacturing services are improving significantly. 


No foreign investor has left country - Amunugama

Dharma Sri Abeyratne

Investment Promotion State Minister Dilum Amunugama stressed that not a single foreign investor has left the country shutting down their operation.

He was speaking in Colombo yesterday while vehemently refuting certain news items circulating that investors are leaving the country after closing down their business operations here.

“This baseless news item has been circulating following the news that a branch of Hydramanis is about to close.

This branch is run at a rented out building and after the lease period expires, the branch is going to be shifted to another location. This move has been misinterpreted as the factory going to close down,” he said.

Joint Apparel Association Forum Chairman Yohan Lawrence said that even though it can be observed that the apparel industry has shown a 20 percent decline, no company is leaving the country.

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