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Thursday Dec 12, 2024
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Raja Edirisuriya yesterday assumed duties as the new BOI Chairman – Pic by Lasantha Kumara
The Board of Investment’s (BOI) new Chairman Raja Edirisuriya yesterday urged all employees to work collectively towards attracting foreign direct investment (FDI) critical to the revival of the economy and the country’s foreign currency reserves.
“At BOI, our entire collective focus should be framed towards bringing in new investment and to facilitate the related licensing and operational activities. Thereby, attracting the best possible earnings to our country both in foreign and local currency, that will help the gross domestic product and its growth rate to contribute to reducing our Balance of Payments,” he said yesterday, assuming duties as the 22nd Chairman of the BOI.
Working towards achieving these primary goals, Edirisuriya said he also hopes to re-examine the regulations and procedures followed at BOI and re-energise employees to put this act together.
“At this critical juncture, we need foreign investment and foreign exchange. The need for foreign exchange is felt considerably. While continuing the good work of my predecessors, I look forward to benefiting from the world’s investor climate orientation I have gained through my long years of overseas domicile and also with the experience of working at the Port City,” he added.
Following the successful vaccination drive against COVID-19, he expects the economy to bounce back next year. “I see there’s a ‘V-curve’ within 1Q and we are expecting the economy to recover in 2022,” said Edirisuriya, who is a civil engineer by profession and a former Ambassador.
The chief of the country’s apex investment promotion authority said he was expecting the single window facilitator concept to work and be implemented very quickly.
“We had the single window concept and have been working on it for some time in the BOI, but I do not think it is out there. If you go to Dubai or Singapore, they are much more advanced, they can get their permits on time very easily. I think we all have been speaking about this, but unfortunately, we have not been able to accommodate our final goals here. During my tenure, I want to make it a reality.”
The organisation of BOI was born in the name of GCGC (Greater Colombo Economic Commission) in 1978 to create an environment conducive to attracting foreign investment and to facilitate the related technical operations to a number of free trade zones and export processing zones set up in Sri Lanka.
In terms of the BOI’s contribution to the economy, he said $ 19.8 billion FDI inflows had been seen since its inception in 1978. Currently, there are over 1,600 enterprises coming under the purview of the BOI, of which 280 projects are operating within its zones. Over 520,000 employees work under BOI-registered companies, out of which 140,000 are working in BOI operating zones.
“Despite the pandemic situation $ 687 million in FDIs were attracted in 2020, this year we have attracted almost $ 687 million so far in 3Q,” he said, adding that in 2018 the average inflow was about $ 1.6 billion.
Referencing the Port City where he previously worked, Edirisuriya said: “During the reclamation process and infrastructure construction in 2019 we had been able to attract over $ 4 billion to our economy. During the construction process which will commence soon, we expect to attract $ 6 billion. The major beneficiary of the infrastructure development will be the construction industry. It will create 365,000 jobs for the Port City project.”
He also commended President Gotabaya Rajapaksa’s leadership in ensuring 80% of the total population are double vaccinated, while third booster shots are also being given at an aggressive pace for those 20 years and older. “The main objective of the vaccination drive is to ensure that the economy will improve, tourism will start soon, and the country can resume migration workers to enhance the remittances inflow,” he said, adding that some first-world countries are still struggling to vaccinate their populations.
Edirisuriya also said he hopes to ensure economic independence and thereby work towards Government key objectives underlined in the President’s ‘Vistas of Prosperity and Splendour’ national policy framework.
He also appreciated the trust and confidence placed in him by the President in appointing him to the high post of BOI Chairman.
Edirisuriya has represented Sri Lanka as an Ambassador to Brazil, Peru, Argentina, Chile, Colombia and Surinam. During his service from 2013 to 2015, he was responsible for promoting trade and tourism between Latin America and Sri Lanka and also supported the United Nations Human Rights Resolutions between Brazil, Chile and Argentina, to support the social agendas of the Sri Lankan Government.
In addition to his post at the BOI, Edirisuriya also serves as the Executive Project Management Director for Colombo Port City Development Project and was also the former Chairman of the Urban Settlement Development Authority (USDA).
