Media & Publicity

BOARD OF INVESTMENT OF SRI

LANKA

“Despite external and internal setbacks, BOI achieved 1.8 Billion in total investments with
signed and approved projects with FDI Projects of U$ 1.5 Billion” State Minister Dilum
Amunugama
The baseline forecast is for global growth to slow from 3.5 percent in 2022 to 3.0 percent in 2023 and
2.9 percent in 2024, well below the historical (2000–19) average of 3.8 percent. Due to the Ukraine-
Russia war, the US, and UK inflation is historically 40-45%. Further negative influences due to the
Israel and Palestinian conflict will have repercussions on energy price escalation.
In the context of the Internal macroeconomic situation, our country’s rating, the default of paying
debtors, and political uncertainty send a less investor-friendly signal to the outside world at the
beginning of 2022. Yet in 2023 economy was slowly but steadily pulled back from the worst
economic situation post-independence era.
The government's far-sighted and politically unpopular economic stabilization measurement has
provided a much-needed foundation for reforms in the institutional and regulatory front hence it has
communicated positive signals to our investor community. The significant achievement of curbing the
acceleration cost of living which has resulted in the single digit of inflation from 74% in September
2022 to 1.5 % in October 2023
Yet as an economy, it will continue to contract in 2023, it was better than -7.8 in 2022 but in 2023 it
has forecasted -2.0 negative growth. it is an arduous task to attract FDI amidst economic contraction.
Yet, in the YOY comparison, BOI registered and approved FDI Investment projects increased by
122% in 2023.

Investment Type YTD 2022 YTD 2023 % diff

(Jan- 23rd Nov) (Jan- 23rd Nov)
(U$ Mn)
(U$ Mn)
Foreign 695 1547 122%
Local 1109 258 -77%
Total 1804 1805 0%

The significant increase in projects is due to the high value of investment in the energy sector.
Investments such as Adani Corporation, Sinopec, RM Parks with Shell, and further sectors such as
ITC, BPO, Tourism, and Manufacturing are the sectors getting more investments.
Countries such as China, India, the US, HK, UAE, France, Korea, Germany, and Singapore are the
destinations invested during 2023.
Leslie Uduwavidane

Director

Media & Publicity Department

Board of Investment of Sri Lanka

World Trade Center, Level 27, West Tower, Echelon Square, Colombo 01, Sri Lanka Tel: +94 11 2338063 (Dir), 2427048 /
Hotline: +94 77 3500588 E-mail: leslieu@boi.lk / Website: www.investsrilanka.com