Friday Aug 29, 2025
Friday Aug 29, 2025
Friday, 29 August 2025 03:42 - - {{hitsCtrl.values.hits}}
 |
 |
| BOI Chairman Arjuna Herath | Treasury Secretary Dr. Harshana Suriyapperuma |
The Government and the Board of Investment (BOI) have signalled a strong intent to strengthen laws, improve inter-agency coordination, and digitalise approval processes to make the country more competitive as a destination for Foreign Direct Investment (FDI). The reforms are aimed at building investor confidence by improving predictability, transparency, and the speed of
approvals.
BOI Chairman Arjuna Herath said realised FDI reached $ 607 million in the first seven months of 2025, more than double the inflows in the same period last year and close to the $ 614 million recorded for the whole of 2024.
“As of today, we have surpassed that. Our aim is to surpass $ 1 billion by year-end.”
By the end of July, the BOI had approved 63 projects with a combined value of $ 776 million, including $ 500 million in FDI and $ 276 million in local investments.
The approvals consisted of 34 new ventures and 29 expansions, creating 956 jobs so far this year. Exports from BOI companies in the January to July period reached $ 4.56 billion.
Herath said the numbers demonstrated a shift in how the Government was pursuing FDI with reforms designed to fast-track approvals and strengthen investor services. He made these comments at the launch of the BOI Gateway digital platform yesterday.
The most difficult task for the BOI is coordinating with multiple State agencies to provide investors with a seamless experience. To address this, the Government has established two high-level inter-agency committees. One is chaired at the Treasury level, and if bottlenecks persist, issues are escalated to a Cabinet-level committee. Herath said these mechanisms show the Government is serious about attracting FDI and willing to remove institutional barriers to move projects forward.
The launch of BOI Gateway is intended to support that process. Developed in-house, the digital platform centralises approvals, increases transparency, and gives decision-makers visibility into bottlenecks so they can be addressed. Herath said it is part of a broader effort to position the BOI as a one-stop shop for investors, supported by the Investor Facilitation Coordination Committee and the Cabinet’s Economic Management Committee.
Amendments to the 2024 Economic Transformation Act are also expected to give the BOI greater authority to coordinate and direct other Government agencies in expediting approvals. The BOI plans to launch two new investment zones this year and five more by early 2026.
BOI Director General Renuka Weerakone said the Gateway replaces a paper-based system that was slow, costly, and lacked transparency. Developed by the BOI’s IT department, the platform simplifies and accelerates approvals, reduces paperwork, and provides real-time visibility into every application.
“This platform assures exceptional levels of transparency, efficiency, and convenience for every stakeholder involved,” she said. “It enhances operational workflows, making our internal processes more efficient than ever before. Most importantly, BOI Gateway strengthens and enriches the relationship between the BOI and investors by fostering greater trust, accountability, and confidence in Sri Lanka as an investment destination.”
Treasury Secretary Dr. Harshana Suriyapperuma placed these initiatives in a wider context, saying Sri Lanka’s competitiveness depends not only on tax incentives but also on political stability, policy consistency, and predictable regulation. “We have delivered on those,” he said.
He added that the Gateway allows investors to monitor applications in real time, track progress, and communicate directly with officials. Cutting delays and improving coordination across agencies, he said, is central to making Sri Lanka more competitive in the region. “The investment facilitation and regulatory framework is being strengthened as we speak, which will provide the necessary space and the authority to the BOI to work with other agencies and coordinate with other agencies with the primary objective of providing approvals quickly to investors,” Dr. Suriyapperuma said.
Beyond FDI, Dr. Suriyapperuma said the Government is pursuing a broader economic strategy to raise exports, attract more tourists, and increase remittances. He stressed that the benefits of these inflows must extend beyond Colombo into other provinces.
“This will allow the country to move into the next level that we are discussing all the time, which is stability, consistency, and predictability. The benefits of these engagements and activities will need to flow to the citizens of this country. That’s where investments will flow; not only in the Western Province, but to the other provinces.”
He added that digitisation is advancing across State institutions, including the Social Registry and the National Single Window, creating a transparent, real-time system to support investors. BOI Gateway itself is already enabled with chatbots and Artificial Intelligence (AI) features to improve engagement.
Dr. Suriyapperuma said the Finance Ministry is backing the BOI through regular multi-agency meetings that bring together line Ministries and investors to resolve bottlenecks. Some of these meetings have included investors joining virtually from overseas.
“Some of the projects, we understand, were stuck there for a while, and all possible efforts within the parameters of regulation and law, while safeguarding the interest of other line agencies, we want to facilitate and provide a quick response to investors to showcase to them that we are ready,” he said.
Calling the reforms long overdue, he said Sri Lanka is now in a position to deliver.
