Export revenues of BOI enterprises surpass US$ 6 Bn for the first nine months of 2022
The Board of Investment (BOI) takes pride to announce the remarkable resilience shown by its enterprises, in the face of recent economic challenges and unprecedented sequences of events with the merchandise exports of the enterprises amounting to US$ 6.6 Bn during the period from January to September 2022. This is a 16% growth compared to the corresponding period of 2021.
The 15 key performing sectors, which have shown over 19% of average growth in exports during the said period include Wearing Apparel, Rubber Products, Textiles & Fabrics, Electronic & Electrical Goods, Fabricated metal products, Marine/ Fishing Gear & Accessories, Footwear, Leather Products, PVC products, Transport Equipment, Wood Products, Coir Products, Jewelry & Lapidary & printed materials.
“The BOI has always been the forerunner of Sri Lanka’s export industry contributing over 65% to the country’s overall export earnings and 85% to the national industrial export earnings,” said BOI Chairman Raja Edirisuriya.
“The enterprises should be congratulated as they have braved a series of challenges posed by post-COVID-19 conditions and economic setbacks. This is a clear indication that BOI is always competent and equipped to deliver its service with great zeal even during crisis situations,” he emphasized.
“Moreover, the BOI is currently focusing on both short-term as well as long-term strategic measures, which will result in increased FDI inflows to the country. As a short-term strategy to attract much-needed FDI, attracting and facilitating re-investments by existing companies while re-positioning Sri Lanka as a high-tech FDI destination based on Industry 4.0, developing new zones dedicated to priority sectors, and digitization of the entire investor experience to ensure seamless delivery of services to investors can be identified as long-term strategic initiatives,” the BOI Chief underlined.
Meanwhile, commenting on the performance, BOI DG Renuka M Weerakone articulated, “The BOI as always has held its nerves and proved its excellence once again, notwithstanding a spate of hardships. This becomes evident with the significant growth shown by our respective enterprises.
“We expect the crisis to ease off soon rather than later. Thus, the BOI is optimistic about reaching our investment targets this year with the commitment and guidance of the State Minister of Investment Promotion and Ministry officials,” she articulated.
“Further, the BOI also looks forward to carrying on its service with the support of all relevant stakeholders in pursuit of ensuring that Sri Lanka becomes the preferred investment destination in the region amid challenges while contributing to the national economy at large,” Ms.Weerakone added.
With all the positive initiatives planned and implemented by the BOI to ensure seamless services, such as the establishment of the Investment Facilitation Centre (IFC), digitization of BOI functions including Customs documentation, promoting re-investments, the introduction of a partnership finder database, five-year resident visa program, etc., the BOI expects that Sri Lanka’s investment environment will be more conducive to attract much-needed FDI to the country.