Despite the pandemic and lockdowns the existing companies in BOI zones have increased their investments in Sri Lanka. The additional investments made by existing companies in 2020 were US$ 716 million and this increased to US$ 1,032 million in 2021. This was opined by President Free Trade Zone Manufacturers Association (FTZMA) Jatinder Biala at their 41st FTZMA AGM at Colombo Hilton last week. Meanwhile the FDI received for 2020 was US$ 687 million while FDI received in 2021 were US$ 780 million.
“Our member and non-member BOI Companies annual export earnings in 2021 were US$ 8.788 billion out of which US$ 8. 051 billion came from Merchandise exports and the balance of US$ 737 million was from service exports.”
These were not only from the garment sector but also jewellery, steel; food processing and many more industrial sectors and therefore we are very diverse in terms of industry. “We provide direct employment of app. 500,000 and indirectly 1,500,000. Due to this factor we have got diverse industrial needs and more support from the government such as tax holidays which would allow for more investments. The FTZMA requests the Government to declare BOI companies / export earning companies under essential services and provide them uninterrupted power / diesel. He said that the associations are ready to pay for fuel in US Dollars to Lanka IOC, Ceylon Petroleum or Ceylon Electricity Board. “We had made a proposal to the government in this regard but sadly have not received a positive feedback for this timely suggestion.”
He also said that the BOI companies are also ready to invest in mega roof top solar projects. “For this they request to revive the price of roof solar power buy back and expedite the approval process.” Among the other requests made by the FTZMA president to the government included the elimination of medical tests during visa renewal or providing more centers to do so. He also disclosed that based on representations made by the National Labour Advisory Council (NLAC) Minister of Labour has agreed to extend the application of the scheme of spread over working hours on five days of the week for the duration from January 1, 2021 up to December 31, 2021.
During the pandemic in last year, an Intermediate Care Centre (ICC) established by Association in collaboration with the Board of Investment of Sri Lanka and our member Crystal Martin Ceylon Pvt Ltd (CMPL) was very successful and helped immensely for the wellbeing of employees and staff of all BOI companies.
Tuesday, April 5, 2022 – 01:00