BOI Sri Lanka discusses strategic investments in key sectors to drive economic recovery

The Board of Investments of Sri Lanka successfully hosted an investor roundtable titled “Supporting Sri Lanka’s Recovery Through Resource Commitment” at the Ministry of Investment Promotion, Colombo on September 2, 2024. The event brought together prominent Sri Lankan and Indian investors, industry leaders to explore strategic investment opportunities aimed at supporting Sri Lanka’s economic recovery.

This roundtable served as a critical platform for fostering dialogue between key stakeholders. It explored the potential for investment across various sectors, including technology, tourism, financial services, and minerals, addressing challenges such as regulatory hurdles, infrastructure constraints, and the need for streamlined processes to facilitate investments.

Prasanjith Wijayathilake Executive Director (Investment Promotion) of the Board of Investments of Sri Lanka, in his overview, emphasized the country’s strategic location, skilled workforce, and strong tourism revenues.  He said, “Sri Lanka’s resilience is evident in the steady inflows of foreign direct investment and worker remittances. By addressing infrastructural gaps and policy consistency, we can further attract and retain foreign investors.” 

Participants from various sectors shared their experiences and discussed opportunities to enhance Sri Lanka’s investment portfolios. The dialogue highlighted several key areas for improvement, including infrastructure development, and the need for enhanced market access. Discussions were also held on leveraging India’s expertise in digital public infrastructure to drive the digital economy, expanding the tourism sectors, and promoting sustainability initiatives in energy efficiency and wastewater management.

Dinesh Weerakkody, Chairman of the Board of Investments of Sri Lanka, moderated the open discussion, which aimed at creating a more conducive environment for investors. “This roundtable marks the beginning of a continuous dialogue, one that will ensure sustained collaboration between India and Sri Lanka, fostering long-term investments that benefit both nations,” remarked Weerakkody.

Addressing trade imbalances under the Free Trade Agreement (FTA), Kishore Reddy, President of India-Sri Lanka Society and Vice President of the Indian CEO’s Forum, emphasized the need for restructuring current incentives to better balance trade between India and Sri Lanka Reddy advocated for promoting tourism from India to Sri Lanka and highlighted India’s projected economic growth, which could significantly benefit Sri Lanka. 

The roundtable also emphasized the importance of sector-specific focus, particularly in technology and tourism, as well as the introduction of a formal mineral policy to encourage investment in Sri Lanka’s mineral sector. 

Representatives from prominent organizations, including Talliance, Taj Samudra, and the Geographical Survey and Minerals Bureau (GSMB), shared valuable insights into expanding opportunities in their respective sectors, reaffirming their commitment to Sri Lanka’s recovery. The event concluded with a focus on building strategic partnerships, enhancing foreign investor engagement, and developing a long-term framework for sustained economic growth in Sri Lanka.