New provision for entities seeking BOI recognition

Cabinet Co-Spokesman and Minister Bandula Gunawardena 

• Cabinet approves investor confidence boosting proposal to table in Parliament for approval 

By Charumini de Silva

The Government has decided to introduce new provisions for entities seeking the recognition and security that the Board of Investment (BOI) offers to boost investor confidence and attract foreign investment.

“It has been observed that many investors are keen on being taken under the BOI with the recognition and the security that their enterprises may receive, especially to attract foreign investors,” Cabinet Co-Spokesman and Minister Bandula Gunawardena said. 

Accordingly on 1 June an order was enforced by the Extraordinary Gazette notification in terms of the powers vested with the Investment Promotions Minister under section 24 of the Board of Investment Act; introducing provisions so that the Sri Lanka Board of Investment is eligible for taking action. 

He said the Cabinet approved companies not under the BOI but existing at present or companies approved under section 16 of the Board of Investment Act No. 4 of 1978 and under section 17 of the Board of Investment Act No. 4 of 1978.

The move aims to create a level playing field for businesses seeking the benefits of BOI recognition.

The Cabinet of Ministers approved the proposal submitted by President Ranil Wickremesinghe in his capacity as the Investment Promotion Minister to submit the said order to the Parliament for its approval.