BOARD OF INVESTMENT OF SRI LANKA (BOI)
Ensure the wellbeing of all People of Sri Lanka through economic prosperity.
Secure Investments, both Local & Foreign, to targeted sectors consistent with Government’s Monetary and Fiscal targets for national development.
The BOI is the investment promotion agency of the Government of Sri Lanka. Its main priorities are to attract Foreign and domestic investment into the economy with the objective of bringing in capital, creating job opportunities and encouraging the development of new skills.
Main statutory provisions
The principal law applicable to foreign investment is BOI Law No. 4 of 1978 and amendments introduced in 1980, 1983 and 1992 and Regulations made under the Act. The BOI was established in 1978 as the Greater Colombo Economic Commission. In 1992, the Commission was reconstituted as the Board of investment of Sri Lanka.
The BOI is structured to function as a central facilitation point for investors. It operates as an autonomous statutory Board. The BOI’s Boards of Directors are drawn from the private and public sectors and several departments that are geared to facilitate the investment process.
The BOI provides advice and assistance at each stage of the investment process and the BOI can help the investors in the following ways:
• Providing information and guidance before submission the project application and co-ordinating approvals from other agencies, if required.
• Evaluating applications and providing concessions, where applicable, to the project
• Providing assistance during the start-up of the project: site selection and clearance, advice on factory buildings and other technical matters, arranging support services such as water, power, waste treatment and telecommunications.
• Making recommendations to Immigration Authorities for issuing resident visas
• Facilitating import/export clearance and customs procedure for import of capital goods, raw materials and the export of the final product.
• Advising investors on environmental norms and facilitating environmental approvals
• Assistance when necessary in the maintenance of good industrial relations and in the formation and operation of Employee Councils.
One of the advantages the BOI can offer investors are tax holidays, exemption from customs duty and foreign exchange controls that are valid for the life of the enterprise. In Sri Lanka there is a constitutional guarantee that protects investors who have entered into an “Agreement” with the Board of investment of Sri Lanka.
As an organization, the BOI role is to contribute to Sri Lankan policies on issues ranging from attracting and retaining investors, to advancing Sri Lanka’s trade and investment interests. The organization will continue to take advantage of global economic integration by working to open markets abroad through mutually reinforcing multilateral, regional and bilateral approaches. At the same time, the BOI will actively promote Sri Lanka as a dynamic country with a strong, competitive and open economy underpinned by high standards of governance.
Currently the BOI is looking at attracting investment in sectors such as export oriented Manufacturing, export oriented services, Tourism &, tourism related projects, Infrastructure project, Higher education and skill development, Agriculture and / or Agro processing and fish based Industry development, Dairy development, establishment of Industrial estates, Special economic zones, knowledge and many other sectors.
There are a many opportunities for investors as Sri Lanka has Free Trade Agreements with India and with Pakistan. This signifies that investors who decide to invest in Sri Lanka have the possibility of exporting the goods they produce to these two huge markets.
Sri Lanka has a skilled, educated and dedicated workforce whose trainability is among the best when compared to other investment locations.
Export Processing Zones
Another important area that comes under the BOI is the nation’s 12 Export Processing Zones. These are large and modern facilities where entrepreneurs can set up industrial plants and factories and enjoy the facilities provided by the zones such as water supply and power.
Contribution to the national economy
The Board has played an important role in transforming the country from a rural and plantation based economy to an industrial and services based economy. BOI companies play a significant role in the national economy by generating half a million direct employment opportunities. Furthermore BOI enterprises represent almost 70% of the country’s exports and almost 90% of her industrial exports.
Board of Investment of Sri Lanka
Level 26, West Tower, World Trade Center, Colombo 01, Sri Lanka.
Tel: (+94 11) 2434403-5, 2385972-6
Fax: (+94 11) 2422407
For more information visit www.investsrilanka.com