Third-quarter merchandise export revenue of BOI companies tops $6 billion

Commodity export businesses registered by the Board of Investment (BOI) earned $6.6 billion in the first nine months of the year, reflecting 16% growth from the same period a year earlier. early, demonstrating business resilience in the face of unprecedented economic challenges. .

The top 15 performing sectors, which posted over 19% average export growth over the period, include; garments, rubber products, textiles and fabrics, electronic and electrical products, metal products, marine/fishing gear and accessories, footwear, leather products, PVC products, transport equipment, wooden products, coir products, jewelry and lapidary and printed materials.

“The BOI has always been the forerunner of Sri Lanka’s export industry, contributing over 65% of the country’s overall export earnings and 85% of the national industrial export earnings,” the President said. of the BOI, Raja Edirisuriya.

“Companies are to be commended for braving a series of challenges posed by post-COVID-19 conditions and economic setbacks. This is a clear indication that the BOI is still competent and equipped to deliver its service with great zeal even in a crisis situation,” he stressed.

“Additionally, the BOI is currently focusing on short-term and long-term strategic measures, which will lead to increased FDI inflows into the country. As a short-term strategy to attract much-needed FDI, attract and facilitate re-investments from existing businesses while repositioning Sri Lanka as a high-tech FDI destination based on Industry 4.0, developing new dedicated areas to priority sectors and digitizing the entire investor experience to ensure seamless delivery of services to investors can be identified as long-term strategic initiatives,” explained the Head of BOI.

BOI Managing Director Renuka M. Weerakone said BOI as always kept its nerve and proved its excellence once again, despite a series of difficulties, adding that this has become evident with the significant growth companies.

“We expect the crisis to ease soon rather than later. So the BOI is optimistic that we will achieve our investment targets this year with the commitment and guidance of the Minister of State for investment promotion and ministry officials,” she said.

“Furthermore, the BOI also looks forward to continuing its service with the support of all concerned stakeholders with the aim of ensuring that Sri Lanka becomes the preferred investment destination in the region amid the challenges while contributing to the national economy as a whole,” Weerakone added.

With all the positive initiatives planned and implemented by the BOI to ensure seamless services, such as the establishment of the Investment Facilitation Center (IFC), digitization of BOI functions including customs documentation, promotion of reinvestments , the introduction of a partnership search database, five-year resident visa program, etc., the BOI expects Sri Lanka’s investment environment to be more conducive to attracting FDI which the country badly needs.