The Katunayake Export Processing Zone (EPZ), Sri Lanka’s largest zone under the Board of Investment (BOI), has earned an honorable mention for its reinvestment strategy in the 2022 fDi Intelligence Free Zones Awards.
fDi Intelligence, based in the United Kingdom, is a foreign direct investment service of the Financial Times group.
The 513-acre EPZ has been home to every type of business serving global brands since its launch in 1978.
fDi Intelligence’s 2022 Free Zones Awards recognize and evaluate the most promising free zones around the world and zones that offer the best investment environments and the best prospects for business expansion and economic development. The ninth edition was judged by the specialist editorial team of the Financial Times and a panel of independent judges for each region.
Mahinda Ramanayaka, BOI’s Executive Director, Investor Services, said, “BOI has adopted four strategies to promote reinvestment. Under the first strategy, the problems faced by existing investors are recognized in order to find solutions. The second strategy focuses on identifying new investors through the goodwill and business network of investors.
“Under the third strategy, underperforming companies under the BOI are encouraged to review their operations. Finally, the fourth strategy encourages non-BOI member companies to register with the BOI.
“The main objectives of the reinvestment strategy are; to increase the inflow of FDI, to assist in the incorporation of new BOI businesses, to increase capacity and productivity, and to assist the growth, diversification and expansion of existing BOI businesses,” he said. he declares.
“The BOI also conducts open facilitative dialogues for investors in the respective sectors so that they can raise their concerns with BOI officials and make suggestions to streamline the processes. The discussion held recently targeted the logistics industry where key players in the industry shared their concerns and made proposals on how they can improve as they move forward in the face of current challenges. “, did he declare.
BOI Chairman Raja Edirisuriya said: “Investors can be considered brand ambassadors for the promotion of investment in Sri Lanka with a deep understanding of the business environment and considerable knowledge of the most attractive for setting up projects in Sri Lanka. Investors can therefore also be a powerful voice in promoting reinvestment. BOI Managing Director Renuka M. Weerakone said, “Regardless of the monumental challenges, free zones across the country have shown great resilience and capacity, which is evident in the recognition world acquired by the Katunayake area. Therefore, officials are to be commended for their efforts to promote reinvestment in the area,” she said.
BOI (Zone) Executive Director, Mr. KD Lawrence, said: “With regard to the reinvestment strategy relating to the zones, we are considering two strategies such as promoting and encouraging investors to develop their businesses in the zones or outside the zones and the invitation of businesses outside the zones. come and expand their activities within the zones. We also encourage investors to restart ailing businesses within the zones,” Lawrence added.
The BOI plans to further expand its investment strategy by attracting technology-driven investments. Innovation and sustainability will be central concerns for future key players in the FDI category. The government will focus on the said sector for multi-faceted reasons such as the long-term viability of the investment which brings not only foreign exchange but also technology and learning experience for the country’s human capital.