A new Act is to replace the Board of Investment (BOI) Act where a new investment promotion agency will be created rationalising Sri Lanka’s investment incentive regime.
The amendment bill is to be referred to the Department of legal Draftsman shortly, a senior official of the Finance Ministry told the Business Times which in recent weeks exlusively reported on the decision to create a new agency to replace the BOI which is seen as inadequate to meet the investment challenges of post-war Sri Lanka.
In contrast to many other long haul destinations, including islands in the Indian and Pacific Oceans, other Asian countries and even Australasia, which are its main competitors, Sri Lanka offers good value, according to veteran international hotelier Raymond Bickson, the Managing Director of Indian Hotel Company, parent of Taj Hotels Resorts and Palaces.
