New agreements signed by BOI reflect Sri Lanka’s diversified economic base

November 28, 2024

Development - Provincial

New agreements signed by BOI reflect Sri Lanka’s diversified economic base

June 23, 2015

In the period from January to May 2015 the Board of Investment of Sri Lanka signed 42 investment agreements with enterprises representing a vast range of sectors which reflect the growing diversification of Sri Lanka’s economic base and exports. These include such diverse sectors as mini hydropower plants, software development, tourist hotels, apparels manufacturing, apartment complexes, BPO for legal services, hospital, satellite TV broadcasting, plantation, leisure & cruise services and logistics operations etc. Of these a total of 36 were new agreements and 6 were expansions of existing projects.

The estimated value of these agreements was Foreign Investment worth the equivalent of LKR Million 6,849 (or US$ 51 Million) and local investments of LKR Million 17,734. The total estimated value of the signed agreements was LKR Million 24,588.

In the period under review the highest value of signed agreements for new projects was in the service sector totaling Rs. Million 6,715 (25.11% ) followed by Tourism and Leisure Rs. Million 4,772 (19.41%) Utilities Rs. Million 3,680 (15% ) and Agriculture Rs. Million 3,282 (13.36% ).

Expansions in January to May 2015 were mainly in the Manufacturing Sector representing LKR Million 708, followed by infrastructure (LKR Million 392) and Apparel (LKR Million198).

An estimated 5,141 employment opportunities are to be created by the projects signed in January to May 2015. Indirect employment opportunities would be three-fold of the direct employment opportunities. Of these a total of 2,320 are to be created in the apparel sector, 758 in Tourism and Leisure sector, 534 in infrastructure and 369 in knowledge services.