Government lifts FDI prospects as investor confidence wanes
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This year the target is $3 billion, a top official of the ministry said adding that economic experts issued a grim forecast for Sri Lanka’s FDI prospects under the present circumstances.
Expressing optimism in regaining investor confidence, Board of Investment of Sri Lanka Chairman Mangala Yapa told the Business Times that a 4-pronged strategy to re-establish confidence in the investor community is being rolled out at present .
The BOI has already taken measures to ensure security and smooth functioning of work in the 12 BOI Zones, he said adding that Minister Malik Samarawickrama held a meeting with key representatives of the investor community recently to create awareness of measures taken to support them, and provide an opportunity for their voice to be heard in terms of specific assistance required.
This includes provision of enhanced security, military escort and other safety protocols as needed, for VVIP investors and investors operating in high security areas, on a need basis.
Several investors have remained in active engagement with the BOI especially following the tragic April 21 events and have expressed their commitment to Sri Lanka irrespective of changes in the ground situation which are anticipated to be short term.
Therefore, the BOI in turn is committed to ensuring that the terror attack is considered as a single isolated action that has little impact on the overall reputation of the country from an investment perspective, Mr. Yapa said.
A joint broad-based communications strategy has been launched to rebuild the overall confidence in Sri Lanka in collaboration with the Export Development Board, Sri Lanka Tourism Promotions Bureau and Ministry of Foreign Affairs and other relevant institutions/agencies.
The BOI will be relooking at some of the investment promotion missions planned for 2019 especially those timed for Quarter 2 and 3 of 2019.
There is a strong possibility of promotion missions of a Road Show format being held back and replaced with specific promotion missions involving high level delegations focused on rebuilding investor confidence with respect to specific projects and investment proposals that are in a mature stage of the investment pipeline, he revealed.
Over 100 projects are in the pipeline/pre-agreement stage with an approximate value of $ 5billion and 16 per cent of this pipeline is from the tourism sector while 17 per cent and 40 per cent is from the infrastructure and manufacturing sectors, respectively.
Apart from the above, 234 projects are in various stages of implementation prior to/ awaiting commercial operation, Mr. Yapa said.