The performance of the BOI: Despite external and internal setbacks BOI achieved a 38% increased FDI receivable
The world economic outlook Between 2021 – 2022 was not ideal and it has been badly impacted due to the Ukraine-Russia war, US, and UK inflation historically 40-45%. Post covid situation. In this context demand side of the economy is impacted by less purchasing power of the consumers.
In the context of the Internal macroeconomic situation, our country’s rating, the default of paying debtors, and political uncertainty send a less investor-friendly signal to the outside world. Hence it was a herculean task to attract FDI, Yet YOY comparison, BOI registered a 38% increase. (In 2021 U$ 780 Mn vs 2022 U$1076 Mn / U$1 Bn)
In the context of employment generation YOY positive growth of 3% has been recorded. In comparison to 2021, new employment opportunities of 14332 were reported in 2022
|
Indicator
|
2021
|
2022
|
|
|---|---|---|---|
|
FDI(US$ Mn)
|
780
|
1076
|
38%
|
|
Export ( Merchandize + Service -( US$ Mn)
|
8788
|
9385
|
7%
|
|
Employment (Cumulative) Nos
|
486,332
|
500,664
|
3%
|
In sector-wise FDI Flow, BOI recorded a better performance in manufacturing 78% Growth, Telecommunication 57%, Port development 329%
In Jan- May, we have already received proposals worth $604 million, with 22 new projects and six expansions. Sectors such as Hotel & Tourism, Construction, logistics & warehousing, Agriculture, Apparel, and Manufacturing services. Countries such as Germany, Australia, UAE, Singapore, US, UK, France, HK, and China Local Investors as well Further Investment influx during this period as mentioned before, Enterprises such as Kenonn Investment 4.1 Million, Gloves International $ 15 Million, 350 employment, and MCS Minerals $19.8 Million
Further, we are expanding more zones under the BOI, especially North, and East
Kappalthurai, Trincomalee, District (Eastern Province )
Paranthan Chemicals Corporation Killonachchi District, Kankesanthurai Cement Corporation Premises, Jaffna District Mankulam, Mulathive District (Northan Province)
North-western Province
Iranwilla, and Bingiriya Phase 2