BOI celebrates 40th anniversary; felicitates employees

Friday, 5 May 2017 00:05 - - {{hitsCtrl.values.hits}}

The Board of Investment of Sri Lanka felicitated its longstanding employees by providing them with a token of appreciation at a ceremony which was held at the BOI auditorium recently.

BOI Chairman Upul Jayasuriya formally presented the tokens to 20 longstanding employees who are working in different departments and Export Processing Zones. BOI Director General Duminda Ariyasinghe and senior BOI staff members also participated in the function.

Speaking at the event, Jayasuriya spoke of his long association with the BOI, having contributed to formulating the GCEC Act as a young lawyer by assisting the late Paul Perera who was one of the pioneer Director Generals. He further stated that there was no opposition by the people when acquiring lands to set up the Katunayake Export Processing Zone, which is the first EPZ in the country.

He thanked the employees who have made an immense contribution to make the BOI an engine of growth in the country.

The Board of Investment of Sri Lanka celebrates its 40th anniversary this year. The BOI was established in 1978 as the Greater Colombo Economic Commission. In 1992 the commission was reconstituted as the Board of investment of Sri Lanka. The BOI is the investment promotion agency of the Sri Lankan Government and its main function is to attract foreign and domestic investment into the economy with the objective of bringing in capital, creating job opportunities and encouraging the development of new skills.

The primary objectives of the Greater Colombo Economic Commission, the predecessor of the BOI, were mentioned and included speeding up and encouraging the country’s economic development, strengthening and widening the scope of economic institutions, increasing and encouraging foreign investment in Sri Lanka, easing procedures for the inflow of foreign exchange earnings, enhancing export earnings and encouraging the formation of industrial and commercial establishments to spearhead development.

The BOI owns and manages 12 Export Processing Zones around the Island. These are large and modern facilities where entrepreneurs can set up industrial plants and factories and at the same time enjoy the facilities provided by the zones such as water supply, telecommunications and power.

The board has played an important role in transforming Sri Lanka from a rural and plantation-based economy to an industrial and services-based economy.

BOI companies play a significant role in the national economy, representing almost 60%-65% of the country’s exports and almost 75% of its industrial exports. The BOI has been an agent of economic change for Sri Lanka and a window to the world.