The Katunayake Export Processing Zone (EPZ), the largest zone in Sri Lanka under the purview of the Board of Investment (BOI) secured a honourable mention for its reinvestment strategy in the fDi Intelligence’s Free Zones Awards 2022.
The UK-based fDi Intelligence is a foreign direct investment service by the ‘Financial Times’ group.
The 513-acre EPZ houses all types of enterprises servicing global brands since its launch in 1978.
fDi Intelligence’s Free Zones Awards 2022 recognises and assesses the most promising free zones across the world and zones that offer the best investment environments and prospects for business expansion and economic development. The ninth edition was judged by the ‘Financial Times’ Specialist editorial team and a panel of independent judges for each region.
BOI Executive Director, Investor Services, Mahinda Ramanayaka said, “The BOI has adopted four strategies to promote reinvestment. Under the first strategy, the issues faced by the existing investors are recognised in order to find solutions. The second strategy focuses on identifying new investors through the goodwill and business network of investors.
“Under the third strategy, non-performing companies under the BOI are encouraged to review their business. Lastly, the fourth strategy encourages non-BOI companies to register under BOI.
“The key objectives of the re-investment strategy are; to increase the FDI inflow, to assist the incorporation of new BOI ventures, to increase the capacity and productivity, and to assist the growth, diversification, and expansion of existing BOI enterprises,” he said.
“The BOI also conducts open facilitation dialogues for investors in the respective sectors so that they could raise their concerns to BOI officials and provide suggestions for streamlining processes. The recently held discussion targeted the logistics sector where key players in the sector raised concerns and came out with proposals on how they can improve as they move forward amidst present challenges,” he said.
BOI Chairman Raja Edirisuriya said, “Investors can be considered brand ambassadors for the promotion of investment in Sri Lanka with a vivid understanding of the business environment and with considerable knowledge of the most attractive reasons for setting up projects in Sri Lanka. Investors can, thus, be a powerful voice in promoting reinvestment as well.” BOI Director General Renuka M. Weerakone said, “Irrespective of the monumental challenges, free zones across the country showed great resilience and capacity which is evident in the global recognition earned by the Katunayake Zone. Hence, the officials deserve kudos for their efforts in promoting reinvestment in the zone,” she said.
BOI Executive Director (Zone), M. K. D. Lawrence said, “As far as the reinvestment strategy pertaining to zones is concerned, we are looking at two strategies such as promoting and encouraging investors to expand their businesses within zones or outside zones and inviting enterprises outside zones to come and expand their businesses inside zones. We are also encouraging investors to restart sick companies within zones,” Lawrence added.
The BOI plans to further widening its investment strategy by attracting technology-driven investment. Innovation and sustainability will be the key focus of the future key players of the FDI category. The Government will be focusing on the said sector due to multifaceted reasons, such as the long-term viability of investment which not only brings in forex but also technology and the learning experience for human capital of the country.