Sri Lanka seeks to lure supply chain partners of existing investors
ECONOMYNEXT – Sri Lanka’s investment promotion agency said it is trying to attract suppliers of partners of existing investors in the island under a new strategy that has a more focused approach.
The Board of Investment said it has set up a new reinvestment team which has identified several activities that will encourage reinvestment by existing investors.
“This would include communicating with companies which are known to be pleased with investing in Sri Lanka as well as some of the largest investors in term of the value of investments, exports or employment generated,” a statement said.
The reinvestment team of the BOI aims to “encourage new investors like their suppliers or partners in the supply chain to invest by using the good offices of existing investors.”
Companies which belong to the BOI priority sectors such as manufacturing and services are goodwill ambassadors for the promotion of investment in Sri Lanka, the agency said.
With the government plan to make the country a global hub, logistics companies which are interested in being part of the global value chain are widely encouraged to expand their operation in Sri Lanka in the future, the BOI said.
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.
Reinvestment is also sought in services which are promoted, including IT and software development, BPOs, tourism and education.
The Board of Investment has held an investor facilitation and networking forum for investors in Sri Lanka who have re-invested in the island where nearly 200 existing investors were present.
(COLOMBO, March 23, 2018)