BoI to focus on six economic sectors

16-May-2010

By Sulochana Ramiah Mohan

The new BoI Chairman Jayampathi Bandaranaike said during the next five years, his economic agency will focus mainly on six areas, which are manufacturing of non- traditional and high value-added sector, manufacture of apparel fabrics and accessories, tourism and leisure, information technology and IT enabled services, agriculture, agri- processing, deep sea fishing, dairy and livestock and the infrastructure.

Although the BoI is focused on major development activities, it is said that Minister of Economy Development Basil Rajapaksa has nearly 40 institutions under his purview. But the new Chairman sees it as a greater opportunity for synergies and better interaction between economic agencies, when all are placed under one ministry”. “That was the rationale behind bringing together those institutions under the Ministry of Economic Development,” Bandaranaike pointed out. “I am confident that this policy will improve BoI work, because many of the issues emanating from other institutions may now be resolved more easily.”

“We will determine what changes are required to better harmonize development projects in consultation with the Minister and the Secretary to the Ministry of Economic Development”.

The Corporate Plan of the BoI which covers a 5-year term, spells out the targeted sectors and specific actions to ensure the smooth flow of Foreign Direct Investments (FDIs) into the country. Therefore, the role of the new BoI Board would be to speedily reassess the relevance of the plans and meet the overall economic targets of the country, the Chairman noted.

He expressed confidence that the BoI performance would meet international standards in future with modern practices and technology, as the country competes for FDI’s with almost every country in the world.

The BoI attracts less than a $1 billion FDIs annually whereas most countries in the Far East attract in excess of $ 5 billion annually.