The president refused to accept the resignations of the president and the board of directors of the BOI. Rather, the president said he wanted them to stay in office, according to a statement from the BOI.
The Board of Investment wishes to announce that His Excellency the President has refused to accept the resignations of the President and members of the Board of Directors of the Board of Investment who tendered their resignations last week.
In a letter addressed individually to the President and to the respective members of the Board, by Dr PB Jayasundera, Secretary to the President, further stated that His Excellency wishes them to continue their services, as he has the utmost confidence in them, because they effectively help promote foreign investment in the best interest of the country and aid in post COVID economic transformation.
As of November 2021, the BOI had signed $ 2 billion in investment approvals. In the first half of 2021 alone, $ 760 million was invested in Sri Lanka, including $ 400 million in FDI, unlike the pre-pandemic 2019, where 113 new projects were approved and added to the pipeline, for a value of from 1.1 USD. Bn, of which the value of the foreign component was $ 400 million. In 2020, despite the pandemic and the slowdown in investment decisions, 128 projects were approved worth $ 2.2 billion, of which the foreign investment component was $ 1.6 billion. in 2021, 117 new projects were approved for a value of $ 2 billion, of which $ 980 million is the foreign investment component. Thanks to this, the overall investment pipeline has exceeded 2019 values, despite the pandemic continuing through 2020 and 2021. In addition, the value of exports since the start of the year for BOI companies has also surpassed pre-2019 pandemic levels.
Earlier, a statement from the BOI said:
Prominent members of the board of directors of the Board of Investment have resigned from their positions.
The President, Board members and CEO took office with the sole intention of supporting His Excellency the President’s vision of doubling Sri Lanka’s GDP during this decade. With this in mind, the role of the Board of Investment in transforming the country into a preferred investment destination by creating an attractive investment climate arose out of the conceptualization and execution of strategic and proactive investment promotions.
To achieve this strategic agenda, the firm and management team of the Board of Investment recognized that many transformations were needed internally to enable the Board of Investment to compete with more than 1,000 international promotion agencies active around the world. They also recognized that this task could not be accomplished in a vacuum and that collaborative efforts through a public-private partnership model were essential. This included the infusion of specialist skills through acquiring new talent for selected positions and also securing specialist professional services to attract and create new investment portfolios to boost the country’s trajectory towards a driven economy. on knowledge.
Sadly, the leadership’s efforts to achieve this urgent transformation have been strongly and continuously opposed by isolated factions both inside and outside the organization, who have put their personal interests ahead of the public. These factions have failed or refused to understand the competitive realities of the international promotion landscape, in which Sri Lanka must compete much more effectively, if it is to attract FDI on the scale the country needs.
It is also unfortunate that the leadership’s progressive agenda is being called into question in public forums, also involving mismanagement based on events in 2017 and 2019, a period prior to the time of current leadership. The many distortions and misconceptions circulated about the Board of Investment as a result of this confusion have affected the reputation of the Board of Investment internationally, as well as the reputation of its key personnel.
Despite these unfortunate developments, the leaders of the Board of Investment remain confident about the significant potential their reform program can offer to support Sri Lanka’s economic progress in the future, if it continues to its natural peak. They hope that all stakeholders will work collectively in the way necessary for the greater good of Sri Lanka and all of its citizens.