BOI to establish four new export processing zones

COLOMBO (News 1st) - In a media release, the Board Of Investment (BOI) noted that four new Export Processing Zones will be established. The budgetary allocation for the new zones will be Rs. 2.5 billion. The new zones will be located in Bingiriya, Mawathagama, Milleniya and Charlimount (Matara). The above was highlighted at an event held by the BOI. The event was held to engage in a dialogue with investors in Sri Lanka who have re-invested in Sri Lanka. At the function, the audience which consisted of nearly 200 existing investors who had opted to reinvest in the country were addressed by the Chief Guest Mangala Samaraweera, Minister of Finance and Mass Media, Malik Samarawickrama, Minister of Development Strategies and International Trade, Dumindra Rathnayake - Chairman of the Board of Investment of Sri Lanka, Duminda Ariyasinghe - Director General of BOI, and Mangala Yapa - Board member of BOI. The media release further highlighted the importance of existing investors to the BOI. It said: "Existing investors may be considered brand ambassadors with a very clear understanding of the business environment and with considerable knowledge of the most attractive reasons for setting up projects in Sri Lanka. Existing investors can, therefore, be a powerful voice in Sri Lanka’s favour." The BOI also encouraged for more investments in Sri Lanka. It said that investor-friendly mechanisms are being set up to fast-track the approval and implementation of projects. BOI has also set up a new reinvestment team which has identified several activities that will encourage reinvestment. The reinvestment strategy of the BOI focuses mainly on developing the manufacturing sector which is the main target with a strong emphasis on attracting electronics, industrial machinery, automotive, electrical equipment, food products and pharmaceutical. In addition, the BOI has been engaged in facilitation which includes identifying new lands for new zones to channel the investor to that location.