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Wednesday, August 04, 2010 - 5.35 GMT |
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BOI to focus on
National Development Goals
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The new BOI investment promotion strategy will focus on National Development Goals of the Government, said Mr. A.M.C Kulasekera, Deputy Director General of the Board of Investment of Sri Lanka.
He was addressing the “Discover Sri Lanka Conference 2010” held recently, where over 25 fund managers of international repute participated.
The bulk of Sri Lanka’s investment went into infrastructure, port development, power generation, telecommunications, manufacturing, services including the IT and BPO sectors and tourism, he said.
Speaking with regard to Government's future development plans he said, "But in the future the Government was looking at promoting investments in key areas which would impact favourably on the community at large such as investments in Agriculture (including agro industries, dairies and livestock development), Tourism, IT/ BPO, Education and Infrastructure (including township development)".
An additional sector earmarked for development was port related activities in view of the current expansion and development of the Colombo and Hambantota ports, the Deputy Director General said.
Sri Lanka had achieved a total of US$ 5.8 billion in 30 years in spite of the ongoing conflict and indeed could have achieved 5 times that quantum of investment had there been peace in the country, he added.
In addition Sri Lanka had also weathered the current global economic downturn unlike most countries that experienced FDI downturns of 40-60%. Sri Lanka’s performance had been comparatively good, having seen a slight decline in FDI from US$ 889 million in 2008 to US$ 602 million in 2009, he further said.
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