FTZMA calls on Govt. to extend permits to import EVs for BOI firms

Thursday, 22 September 2022 00:20 - - {{hitsCtrl.values.hits}}

The Free Trade Zone Manufacturers Association (FTZMA) has called on the Government to extend the electric vehicle import license for foreign investors registered with the Board of Investment to boost ‘quality FDIs’.

In a letter addressed to BOI Director-General Renuka Weerakone, the FTZMA has proposed the Government extend a similar benefit to the foreign investors who are operating under the purview of BOI to import electric vehicles which would be of an additional benefit to them to attract more FDIs and to be resilient during the ongoing economic crisis.

“We are of the opinion that foreign investors those who bring in FDIs into the country are also equally contributing to the economy, as they foster and maintain economic growth by not only creating job opportunities to ease the unemployment in the country but also bring in much needed foreign exchange into the country,” FTZMA pointed out.

In August, the Cabinet of Ministers approved providing a license to import an electric vehicle equivalent to 50% of remittances by Sri Lankan expatriates. The objective of the Government is to boost foreign exchange inflows via the banking system to overcome the acute shortage of foreign currency.

It is one of the incentive schemes introduced by the Government to appreciate the contribution made to the national economy by them to reduce the forex scarcity which is prevailing in the country now.

Noting that the scheme of duty-free import of vehicles was initially started by the BOI as an exclusive part of the incentive package for the FDIs, the FTZMA claimed foreign investors were later removed and were replaced with politicians and various other State sector officers.

“We reckon this proposal is worthy of pursuing further with the relevant policymakers in the Government because we believe that BOI would also be benefitted by using this as one of the incentives to attract ‘quality FDIs’ that can boost the country’s economy and increase competitiveness against other rival investment destinations,” FTZMA added.