BOI to engage with committed investors to boost economy
The Board of Investments (BOI), in the aftermath of the cyclone, is actively engaged in efforts to restore full operations in all free trade zones, is in discussions with potential investors who have expressed commitment to investing in the country, focusing on strategies to retain these investments.
BOI Chairman Arjuna Herath told the Sunday Times Business on Thursday that they plan to discuss with investors who have committed to investing in the country especially since they need to make initial commitments for the potential investments.
“The land allocations for these investments have been done to a greater extent. The initial deposits etc, and certain commitments will need to be made by these investors, and we will know the concrete impact within about a month. However, we do not foresee a major impact on these investments in the wake of this (cyclone) crisis,” he affirmed. He also said that zone heads have contacted each entity and given the main requirements, such as power, water etc. to the zones, but the full complement of the staff in the zones and factories is limited due to the aftermath of the disaster.
He also said that the BOI is looking to create capacity for those factories, which are underutilised now due to the floods, for a limited time period.
He mentioned that there may be some impact on the delivery of the manufacturing entities, but these companies are discussing with their buyers to work around it. Certain manufacturers contacted by the Sunday Times Business noted that there are some pressures on the order deliveries, but they are constantly in touch with the buyers, and there will not be a major impact.
Noting that the Public Private Partnership (PPP) Law, which will be enacted within the second quarter of next year, is a forward-looking piece of legislation, Mr. Herath said that the port-related projects, the intended technology parks, and the data centres are all on a PPP basis. He also said that the request for information for the technology parks will be issued shortly. “With the 25 ministries that are functioning, if each does one project leveraging state assets, we will bring in around US$ 2 billion to the coffers. The PPP law will most certainly enable such leverage,” he said.
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