Sri Lanka investment, export agencies in joint focus on manufacturing
ECONOMYNEXT – Sri Lanka’s investment and export promotion agencies have begun working more closely together and aim to support the government’s new economic emphasis on manufacturing.
A meeting was held recently between the Board of Investment and the Export Development Board to explore areas of co-operation between them and work closer towards achieving the nation’s economic goals, a statement said.
Both institutions now come under the Ministry of Development strategies and International Trade headed by Minister Malik Samarawickrama and State Minister Sujeewa Senasinghe.
“The two institutions were in agreement there is a very strong economic connection between investments and exports of the country,” the statement said.
“Successful attraction of Foreign Direct Investment will also result in enhancing export earnings by the arrival of export earning enterprises.”
The co-operation between the two agencies reflects the new economic orientation of the government in attracting investment, the statement said.
The new emphasis is on manufacturing compared with an earlier focus on attracting projects in real estate and infrastructure development.
The two agencies are keen on investments in boat and yacht building which will be promoted at a boat show that will coincide with the World Economic Development Forum which will be held in October this year.
BOI officials are currently evaluating several project proposals to build marinas in the island.
The two agencies also discussed promoting in Sri Lanka automobile components manufacturing to supply automobile parts to manufacturers overseas, pharmaceuticals and research in developing tea and rice products.
(COLOMBO, July 05, 2016)