With political stability, Lanka ready to welcome investments – BOI Head

On Nov 12, 2024

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Board of Investments Chairman and South Asian Federation of Accountants (SAFA) Past President Arjuna Herath says that Sri Lanka is ready to welcome investments.

“I must say Sri Lanka is now open for business from a perspective of having political stability being established. We also have the economic stability being established with our governor supporting the stabilization of the economy. We are now about to lift import limitations that we had and we believe we will be ready to welcome investments to this country”

Herath also said that being a very resilient region, the SAARC region is now in the game of leapfrog into economic advancements that many people expect. He believes that the strength and integration of the SAARC region could play a very pivotal role. The Chairman expressed that there’s a keen interest in renewable energy. He pointed out that Sri Lanka has the ability to be self-sufficient in renewable energy first and export it.

Also, the BOI has focused on the port city to transform as a trust area for Information Technology which will attract foreign investments. It will also have a literal labour policy which can attract talent from overseas to work in the port city.

Speaking further Herath said, “ We are looking at conceptualizing industrial parks which are dedicated to countries. Why can’t we have “India-Sri Lanka”, “Sri Lanka-Bangladesh” industrial parks ? This brings the ability to operate industries in other offshore locations that can mitigate the risk and keep industries sustainable.”

Improvement of the logistics was also another highlight of the Chairman’s speech. “Logistics is a key sector we are really looking at forging ahead given the strategic location. We have the ability to interconnect the countries through logistics to actually facilitate trade to the rest of the world. We hope to link the logistics hub in Sri Lanka to Indian ports,” he added.

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