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Sri lanka News – Despite an ongoing economic crisis Sri Lanka Investments Promotion agency, Board of Investments said one billion US dollars in realized investments are expected in the year, with first six months running slightly ahead of target, an official said.

“During the first half the target for the first six months was around 400 million US dollars however, we were able to attract investments around 520 million US dollars,” Director General of the Board of Invetment of Sri Lanka Renuka Weerakone told EconomyNext.

BOI also expects to have 2.2 billion US dollars’ worth of approved projects for 2022 and so far around one billion projects have been approved by the BOI, Weerakone said.

“I believe we are in track to achieve those targets that will in return create the environment for other investments to come in.”

The BOI is taking measures to streamline the process and facilities of the country for the convenience of the investors also expects to acquire 225 acres of land with proceedings done, for the investors to set up their projects, she said.

“…[The] overall target of the BOI is contributing towards the Economic growth of the country, attracting FDI and creating employment opportunities as increasing the exports revenue and developing readymade land plots for the investors to be able to invest in their projects,” Weerakone said at the launch of the Sri Lanka SDG map for Inventors in Colombo.

“The BOI has 14 export processing zones, and on top of that we are planning this because of the demand and in order to make it easier for the investors.”

Exports oriented manufacturing, import substitution, high-tech modernize agriculture and integrated waste management are few of the sectors BOI is targeting to get investments and hopes to take the investments outside the Western province creating more employment opportunities for rural areas as well.

“We also targeting increase our export revenue to 9.2 billion rupees from 8 billion last years. We have seen a growth in exports,” (Colombo/Aug 1/2022)

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