Sri Lanka has attracted over USD 1 billion Foreign Direct Investments (FDI) to the country in the first quarter of 2024, said State Minister for Investment Promotion,Dilum Amunugama yesterday.
“This fulfills our first quarter target and we hope to touch the USD 4 billion investment target by year end,” he said during conversations with investors who signed investment agreements with the Board of Investment in the first quarter of this year and followed up on their business progress.
The investment objective of one billion dollars was met in the first quarter of this year, with the Adani Solar project investing USD 800 million and other enterprises contracting for another USD 320 million with the Board of Investment.
The progress review meeting was primarily arranged to analyze the progress of signed projects, resolve any outstanding issues, and provide necessary support to projects signed in the first quarter of 2024.
During the session, the Minister confirmed the recent media speculation over the BOI’s future. The minister highlighted that the BOI’s position will be aligned with worldwide marketing, and that current zones will stay under the BOI’s control, strengthening its role and preserving all employee rights.
Furthermore, Minister Dilum Amunugama stated that the statements made by all of the investors demonstrate that they were able to carry out their projects without issue. As a result, it serves as an excellent illustration of the Board of Investment’s efficiency.
Director General of the BOI, Renuka M. Weerakoon, stated that all of their investors’ problems can be resolved through the IFC (Investor Facilitation Center), and that because all of the relevant ministries and agencies’ senior officials are available during the IFC session, any approval-related problem will be resolved in a very short period of time
The investors who attended this event stated that they had received all necessary approval from the BOI to begin their projects.
Furthermore, the majority of the enterprises are in the midst of building their projects, while a few have already begun their commercial operations by exporting.
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