Tilko Blue Ocean Holdings (Pvt) Ltd. has signed an agreement with the Board of Investment of Sri Lanka (BOI) to develop Yarl Royal Palace, a high‑rise residential project set to become the tallest in Northern Sri Lanka.

Located at No. 107, Kandy Road, Jaffna, overlooking the historic Old Park, the development will feature six levels of modern car parking, 13 residential floors and 78 premium residences. 

The project is positioned as a benchmark for premium urban living in the region and reflects long‑term private‑sector confidence in Jaffna’s economic potential.

Issuing a statement, the company said the BOI agreement marks a key institutional milestone, underscoring confidence in the Northern Province’s ability to attract large‑scale investment.

Beyond its physical scale, the project is expected to generate wider economic activity across construction, engineering, consultancy, building materials, logistics, financial services and property management. It will also create employment opportunities and contribute to the modernization of Jaffna’s urban environment.

Tilko Blue Ocean Holdings highlighted Jaffna’s strong fundamentals for growth, an entrepreneurial community, established professional and educational base, improving infrastructure, valuable urban land and close ties with the global Tamil diaspora. The project aims to strengthen those diaspora connections by offering overseas families, professionals and investors a direct stake in Jaffna’s evolving property market.

The company further noted that while Colombo has traditionally dominated premium residential development, Yarl Royal Palace signals the potential for sophisticated private investment in Jaffna. The project is envisioned as both a distinctive addition to the city’s skyline and a catalyst for further investment in the region.

The company expressed appreciation to the BOI, government authorities, consultants, project teams and stakeholders for their support, adding that Yarl Royal Palace represents a long‑term commitment to building a stronger, investment‑driven future for Northern Sri Lanka. (Newswire)

The post Tilko Blue Ocean signs BOI agreement for Jaffna’s tallest building appeared first on Newswire.

Asahi Dyes and Chemicals Sri Lanka has officially commenced operations at the Biyagama Export Processing Zone, marking a significant new investment in the country’s manufacturing sector. 

The US$ 20.4 million venture brings advanced Japanese manufacturing technology together with Italian innovation through Tonello, creating 281 direct jobs for Sri Lankans.

According to the Board of Investment of Sri Lanka (BOI), the facility has been constructed to LEED v4 green building standards, underscoring its commitment to sustainability. 

BOI described the project as a powerful example of the nation’s growing appeal as a high‑value, sustainable manufacturing hub, reflecting investor confidence in Sri Lanka’s industrial future. (Newswire)

The post Asahi Dyes opens $20.4m plant in Biyagama, 281 jobs created appeared first on Newswire.

Yesol Lanka, a Board of Investment (BOI)‑approved enterprise based in Madurankuliya, Puttalam, has transformed Sri Lanka’s discarded fish waste into a profitable export industry.

According to a BOI statement, for decades, fish heads, frames, viscera, and skins piled up at markets as an environmental burden. Today, through Yesol Lanka’s fish‑waste valorization project, that same stream is being converted into internationally traded animal feed ingredients, generating foreign exchange, employment, and a cleaner coastline.

Founded by entrepreneur Vijitha Kumara Rajapaksa, who gained expertise in fish‑waste valorization while working with South Korea’s Hantech Group, the project has introduced new technology to convert waste into animal feed ingredients. The BOI approved the venture citing four benefits: tackling a worsening environmental problem, generating foreign exchange, creating jobs, and providing fishermen and collectors with new income.

Established on a 50‑acre site with an investment of US$ 3 million, Yesol Lanka employs 45 people directly and processes up to 100 metric tons of fish waste per day. Fishermen and collectors are paid Rs. 20–30 per kilogram for waste that previously had no market. The company now exports 30,000–35,000 metric tons annually of fish meal, fish oil, and fish paste, earning US$ 2–2.5 million a year. Its clients include Vietnam’s CP Company, a global leader in shrimp farming.

Yesol Lanka has also achieved 100% Green Project status by adopting recyclable packaging. The BOI highlights the venture as a model for converting environmental liabilities into export‑earning industries, noting that Sri Lanka currently processes less than 3% of its total fish catch into marine ingredients despite landing 480,000–530,000 metric tons annually.

Globally, the fishmeal and fish oil market is valued at US$ 9.9 billion in 2026 and projected to reach US$ 19.1 billion by 2036, while the aquafeed market is forecast to grow from US$ 67.7 billion in 2026 to US$ 97.1 billion by 2031. With Asia‑Pacific already accounting for more than 42% of consumption, Sri Lanka is well‑positioned to expand exports into nearby aquaculture and pet‑food markets.

Speaking on the venture’s progress, Vijitha Kumara Rajapaksa urged Sri Lanka’s youth to embrace innovative, export‑oriented entrepreneurship, while the BOI continues to encourage similar circular‑economy investments that generate foreign exchange and promote sustainability. (Newswire)

The post Sri Lankan firm turns fish waste into millions in export earnings appeared first on Newswire.

Duminda Hulangamuwa officially assumed duties today as Chairman of the Sri Lanka Board of Investment (BOI), pledging to strengthen the institution with the aim of boosting foreign direct investment (FDI) and export growth.

Speaking at the World Trade Center in Colombo, Hulangamuwa said his vision is to restore the BOI’s former authority and efficiency, transforming it into a “one‑stop shop” for investors with stronger political backing and inter‑institutional influence than before 2005.

He emphasized that Sri Lanka’s skilled workforce, market access, and strategic geographic location can be leveraged further to attract FDI. He also highlighted the need to provide competitive advantages in financial resources and clearly define the country’s investment value proposition.

Hulangamuwa noted that policy and legislative reforms are already underway to strengthen the BOI’s powers as the lead state institution for investment promotion. 

He added that guiding Sri Lanka towards a strong economic trajectory as the main driver of the economy is the foremost responsibility of the BOI. (Newswire)

The post Duminda Hulangamuwa assumes duties as new BOI Chairman appeared first on Newswire.

Director General of the Board of Investment of Sri Lanka (BOI), Mrs. Renuka M. Weerakone, relinquishes her position today (25) after more than three decades of unbroken service to the institution she has helped shape and steer.

Mrs. Weerakone joined the BOI on 1 June 1994 as an Assistant Manager (Legal), beginning a career that would see her rise, step by deliberate step, through nearly every tier of the organization, from Assistant Manager, Senior Manager, Acting Director, Director, Executive Director, Acting Director General, and finally Director General. 

Over the years, she served in the Regional Development Department, the Project Implementation Department, the Regional Development & Special Projects Department, the Investment Promotion Department, the Director General’s Secretariat, the Investment Appraisal Department, and the Project Monitoring Department, as well as held the position of secretary to board for the 5 years,  a breadth of exposure that gave her an unusually complete view of how investment moves from policy to project on the ground.

Before the BOI, Mrs. Weerakone engaged as an Instructing Attorney at a leading Colombo law firm, having qualified as an Attorney-at-Law, Notary Public, and Commissioner for Oaths. She would later add a Master’s Degree in Business Administration from the Postgraduate Institute of Management, University of Sri Jayewardenepura, pairing legal precision with strategic and managerial depth. 

Mrs. Weerakone led outward investment promotion missions to key global markets. She represented Sri Lanka at high-level trade negotiations and international forums, work that was central to positioning the country as a credible and competitive destination for foreign direct investment. Closer to home, she served on project approval committees spanning education, power, and environment, and contributed to steering committees, policy committees, and inter-agency task forces set up to resolve investor issues and improve project implementation efficiency, the less visible but no less critical work of keeping investment promotion machinery running smoothly.

Her contribution beyond the BOI has been equally significant. She serves as a Board Member of the Export Development Board (EDB) and the International Chamber of Commerce (ICC) Sri Lanka, extending her influence into the broader trade and commerce ecosystem. In 2025, that body of work was recognized when she was awarded the “Women in Investment and International Trade Leadership” title at the Top50 Professional & Career Women Global Awards, a fitting tribute to a career built on quiet, sustained impact rather than the pursuit of recognition.

“Retirement from a long career in senior public service brings a unique vantage point. It allows one to step away from the daily crises of administration and look at the broader horizon of our national trajectory. Over the span of my career, I have watched our institutions weather economic shifts, political transitions, and unprecedented global challenges. What this journey has taught me is that the strength of a nation does not lie solely in its governmental directives, but in the resilience, continuity, and integrity of its administrative backbone,” Mrs. Weerakone said, reflecting on the vantage point that retirement affords.

Issuing a statement, the BOI said colleagues across the institution and the wider investment promotion community will remember Mrs. Weerakone not only for the positions she held, but for the steady hand she brought to each of them, and for a standard of institutional commitment that will continue to guide the organization long after her departure.

The Board of Investment of Sri Lanka further extended its deepest gratitude to Mrs. Renuka M. Weerakone for her thirty-two years of dedicated service and wishes her a retirement as rewarding as the career that preceded it. (Newswire)

The post BOI DG Renuka Weerakone bids farewell after three-decades appeared first on Newswire.

The Vella Group, operator of the 98 Acres Resort & Spa in Ella, has signed an investment agreement with the Board of Investment of Sri Lanka (BOI) valued at USD 5.1 million. 

The deal marks the start of a three‑year expansion project aimed at strengthening the resort’s capacity and services.

The project will be carried out in two phases and includes the construction of 11 new luxury villas and 32 deluxe rooms, a new restaurant and kitchen, and an upgraded yoga wellness centre. The expansion is expected to create around 150 direct jobs in the Uva Province.

Currently operating with 46 chalets, the resort will broaden its portfolio to attract higher‑end visitors, with select new villas featuring private heated pools.

The 98 Acres expansion is the Vella Group’s second BOI venture, following the Ravana Pool Club in Ella.

The resort, located on a colonial tea estate, has been noted for its sustainable design using recycled materials and eco‑friendly operations. The Group has said the new facilities will continue to follow environmentally conscious building practices.

Ella has become one of Sri Lanka’s most popular destinations, drawing international visitors for its mountain climate, waterfalls, and landmarks such as the Nine Arch Bridge and Little Adam’s Peak. 

Industry analysts say the investment positions Sri Lanka to compete with other luxury highland destinations in Asia.

The BOI highlighted the project’s potential to deliver wider economic benefits, particularly through job creation in the Uva region. (Newswire)

The post Vella Group signs USD 5.1 Mn BOI agreement for 98 Acres expansion appeared first on Newswire.

Sri Lanka has formally invited domestic and international investors to participate in green hydrogen and green ammonia production projects, with the government aiming to position the island as a regional hub in the global clean energy market.

The Board of Investment (BOI), in collaboration with the Ministry of Energy, announced a Request for Information (RFI) process open from April 23 to June 5, 2026, calling on qualified investors, developers, and project operators to submit proposals. 

According to the BOI, the initiative marks what officials described as a decisive moment in Sri Lanka’s clean energy journey.

Sri Lanka has set ambitious targets: generating 70% of electricity from renewable sources by 2030 and achieving 100% carbon‑free power generation by 2050. 

The BOI said the new investment drive would help strengthen national energy security while establishing Sri Lanka as a regional centre for green hydrogen and ammonia production and export.

The government expects the green energy value chain to generate USD 1 billion in annual export revenue by 2030, leveraging the country’s abundant solar and wind resources and strategic location along major maritime routes. 

Green hydrogen and ammonia are increasingly used in shipping, steelmaking, fertilizer production, and transport, making Sri Lanka’s positioning as an export hub particularly attractive.

Interested parties can download the RFI form from investsrilanka.com or energymin.gov.lk. 

Completed submissions must be sent by 3:00 pm Sri Lanka time on June 5, 2026, to the BOI’s Investment Promotion and Research Department or via email to amalir@boi.lk.

The BOI emphasized that the RFI process does not constitute a binding tender or contract but is intended to gauge market interest, refine policy frameworks, and lay the foundation for future structured partnerships. (Newswire)

The post Sri Lanka opens doors for green hydrogen and ammonia investments appeared first on Newswire.

The Ministry of Ports & Civil Aviation has launched a formal drive to attract both local and international investors to Mattala Rajapaksa International Airport (MRIA) in a bid to revitalize the country’s aviation sector and stimulate economic growth in the country’s south. 

According to the Ministry, the Board of Investment of Sri Lanka (BOI) will work with all stakeholders and prospective investors as a facilitator for this important investment opportunity.   

Acting on behalf of Airport and Aviation Services (Sri Lanka) (Private) Limited (AASL), the Ministry has initiated the process of inviting Expressions of Interest (EOIs) covering a wide array of commercial opportunities. 

The EOI call is divided into two segments: Airside/Aerodrome Operations, which covers civil airport operations within the inner perimeter, and Landside Operations, encompassing activities within both the outer and inner perimeters of the airport.

The EOI process is open to both domestic and international entities. Documents can be obtained free of charge on working days between 9.00 a.m. and 2.30 p.m. (Sri Lanka time, GMT +5:30) until 8th June 2026.

Interested parties must submit a request letter on their official letterhead to the Office of the Head of Commercial & Properties, Room No. 35, 2nd Floor, Passenger Terminal Building, Bandaranaike International Airport (BIA), Katunayake, Sri Lanka. Documents may also be downloaded from AASL’s website at www.airport.lk. 

A proposal briefing and site visit to Mattala is scheduled for 22nd May 2026. Prospective investors interested in attending may contact the Head of Marketing and Corporate Communications at AASL for further details. The authority may be reached at Office +94 112264400 or Mobile +94 763963000 / +94 718436057.

The initiative forms part of a broader effort to attract foreign direct investment and elevate Sri Lanka’s profile in the global aviation sector. The Board of Investment (BOI) has been called upon to amplify the opportunity through its official digital channels and international networks, signalling strong inter-agency coordination behind the push.

The Hambantota Airport, a facility with immense untapped potential, has been poised for remarkable growth since its inauguration over a decade ago. Furthermore its offers untapped growth opportunities in exotic tourism development and strategic investment in Airport Operations, Cargo Services, Logistics, MRO, and more.

MRIA’s investment proposition spans a diverse range of sectors, including Cargo Services, Logistics, Maintenance, Repair & Overhaul (MRO) Operations, Aircraft Spares Manufacturing, Industrial Parks for manufacturing, packaging, and warehousing, Renewable Energy projects, and Resort Hotels and Hospitality Services. 

Authorities are positioning the airport’s proximity to the Hambantota Port and major international shipping lanes as a key competitive advantage, enabling integrated air-sea connectivity.

Flexible investment models are on offer, including joint ventures, public-private partnerships, and direct investments, an approach designed to lower barriers and appeal to investors with varying risk appetites and capital commitments. The airport itself boasts modern infrastructure, with advanced runways, passenger terminals, and cargo handling capacity already in place. (Newswire)

The post Sri Lanka opens Mattala Airport to local and foreign investors appeared first on Newswire.

The Board of Investment (BOI) of Sri Lanka has announced the appointment of Dr. Sulakshana Jayawardena as its acting Chairman.

In a statement, the BOI said a veteran of the Sri Lankan Administrative Service (SLAS) with over 23 years of distinguished experience, Dr. Jayawardena, brings a wealth of expertise in public administration, policy formulation, and large-scale project management to the country’s premier investment promotion agency.

Dr. Jayawardena is widely recognized for his transformative work in the power and energy sector, where he has spent over two decades spearheading critical initiatives. His career is marked by significant contributions to Renewable Energy Development, driving the transition toward sustainable power sources and implementing national improvements in energy conservation. 

Further, his work in the power sector did impact the implementation of Rural Electrification and expanding infrastructure to support local communities. The highlight of his contribution was in the area of Strategic Policy, shaping the regulatory frameworks that govern the nation’s energy landscape.

Beyond his achievements in energy, Dr. Jayawardena has demonstrated exceptional leadership in Human Resources, Development, and Administration. Known for his strong work ethic and integrity, he has a proven track record of managing complex government projects while maintaining a keen focus on customer relations and stakeholder engagement.

Dr. Jayawardena’s leadership is underpinned by a rigorous academic background, holding a Doctor of Philosophy (PhD). His multidisciplinary education includes:

• Master’s in Business Studies – University of Sri Jayewardenepura.
• Bachelor’s Degree in Science – University of Peradeniya.
• Specialized Diplomas – Medical Laboratory Technology, Information Technology, and Professional Diplomacy & World Affairs.

As acting Chairman, Dr. Jayawardena is poised to leverage his extensive administrative experience to further the BOI’s mission of attracting high-quality foreign direct investment (FDI) and fostering a business-friendly environment in Sri Lanka. 

His appointment comes at a pivotal time as the BOI continues to modernize its processes and promote key growth sectors on the global stage to facilitate a of, digitally enabled, sustainable, and Industry 4.0 friendly eco system for doing business in Sri Lanka. (Newswire)

The post Sulakshana Jayawardena appointed Acting Chairman of BOI appeared first on Newswire.

Sri Lanka’s Board of Investment (BOI) closed 2025 with notable achievements, approving 139 projects worth US$ 1,901 million and signing agreements for a further 103 projects valued at US$ 1,274 million.

According to official figures, the BOI approved 139 investment projects last year, comprising 63 new ventures and 76 expansions of existing projects. 

The total estimated investment value stood at US$ 1,901 million, including US$ 885 million in foreign investments and US$ 1,016 million in local investments. 

These projects were primarily concentrated in manufacturing, infrastructure, utilities, and tourism, with India, Singapore, the United States, the UAE, Australia, China, and the United Kingdom among the principal source countries.

In addition, the BOI signed agreements with 103 projects in 2025, including 43 new ventures and 60 expansions, with a total estimated investment value of US$ 1,274 million. 

This comprised US$ 618 million in foreign investments and US$ 656 million in local investments. 

The signed projects were focused on manufacturing, infrastructure, apparel, knowledge services, and tourism, with India, Singapore, the United States, Malaysia, and Hong Kong among the key source countries. (Newswire)

The post BOI approves US$1.9Bn in projects, Signs US$1.27Bn deals in 2025 appeared first on Newswire.

The Board of Investment of Sri Lanka (BOI) organized a dedicated investment forum to present structured business opportunities in Keragala, Gampaha District (Western Province), and Sooriyawewa, Southern Province, positioning them as emerging University Towns. 

The event brought together local and foreign investors, senior officials from the BOI, and the Ministry of Higher Education to explore prospects in Sri Lanka’s education sector, leveraging the country’s strong literacy rates and ongoing reforms.

BOI Chairman Arjuna highlighted the strategic advantages of the two proposed University Towns, noting Gampaha’s status as Sri Lanka’s largest student hub with proximity to industrial zones, and Sooriyawewa’s established infrastructure and entrepreneurial culture. 

Detailed business cases were presented, with Keragala envisioned as a 125-acre campus hosting five universities, requiring USD 370 million in investment with an IRR of 15–18% and a payback period of 6–7 years. 

Sooriyawewa’s 250-acre integrated university town is projected to attract USD 640 million, offering R&D centres, innovation hubs, and international-standard living facilities, with an IRR of 16–17% and a payback period of 7–8 years.

BOI Director General Renuka M. Weerakone emphasized that higher education is increasingly recognized as a global economic driver, and Sri Lanka is positioning itself to be part of this transformation. 

The proposals were well received, with investors showing strong interest in shareholding structures, incentives, and fiscal concessions, while stressing the importance of swift implementation of education reforms. (Newswire)

The post BOI showcases investment opportunities in emerging University Towns appeared first on Newswire.

The Board of Investment of Sri Lanka (BOI) has issued a warning to stakeholders and the public regarding a fraudulent AI-generated video circulating on social media. 

The video features an image of the BOI Director General and CEO, Ms Renuka M. Weerakone, and falsely attributes statements to her.

In its announcement, the BOI stressed that the video is a scam and urged the public to remain vigilant. 

The institution advised individuals to verify information only through official channels and to report any encountered video, emphasising the importance of safeguarding against misinformation and digital fraud. (Newswire)

The post BOI warns of investment scam video appeared first on Newswire.

The Northern Province took centre stage in Sri Lanka’s economic landscape as it hosted the Northern Investment Summit 2026 on January 21 and 22. Held under the theme “Building a Resilient, Inclusive, and Globally Connected Northern Economy,” the two-day summit positioned the region as a compelling destination for both local and international capital.

The summit came at a pivotal time for the Northern Province, which is characterized by a high literacy rate of 93% and a population of 1.3 million. Leveraging its strong academic foundations, anchored by the University of Jaffna and the University of Vavuniya, the event focused on bridging the gap between regional potential and local and global market opportunities.

Serving as a precursor to the National Vision for Regional Growth, the Northern Investment Summit was more than just a regional gathering. Organizers emphasized that its primary objective was to drive sustainable, long-term growth that uplifts local communities while strengthening Sri Lanka’s overall economic resilience.

The key pillars of this vision included fostering public-private collaboration and creating a platform for dynamic partnerships that fuel infrastructure and service development. Diaspora Engagement, which brings the vast global network of the Sri Lankan diaspora across the USA, Canada, UK, Australia, and India, to facilitate knowledge transfer and investment. Further, during the summit, the importance of policy reforms was discussed. There was emphasis on an ecosystem that advocates for investor-friendly governance and streamlines processes to ensure a seamless entry for new businesses.

The BOI Chairman, Arjuna Herath, put forward his insights and valuable thoughts during the summit opening session. “The government vision is clear: to build a robust economic and investment ecosystem tailored specifically to the unique strengths and needs of the North, mirroring the successful development models we have already witnessed in the other regions. For any economy to thrive, it requires impetus. We are prioritizing transport infrastructure requirements to take production to its markets. I am envisioning a four-lane highway across the Northern region to transform its connectivity, slashing travel time, and for efficient and effective goods and container movement. The infrastructure will undergo significant upgrades to ensure an efficient logistics environment. Extending the Jaffna airport runway will bring larger and many more cargo and passenger flights, particularly from our significant neighbor and partner, India, facilitating access to a large market. The KKS Port to upgraded to handle larger vessels, will make the Port a key enabler to integrate the Northern Province to global trade routes and to link North with the rest of the regions and the ports in the country via shipping logistics,” He underscored.

The Chairman of the BOI further explained the setting up of three strategic industrial zones for the Northern Province, which will define the industrial landscape and anchor economic development of the North. Kankasanthurai (KKS) will be a vibrant mixed zone and leverage the skilled labour force of Jaffna to make KKS a powerhouse for apparel and other manufacturing, building on the success of existing apparel clusters in and around Kilinochchi. Paranthan has been designated as a Chemical Zone, and groundwork has already begun for its first industrial entity. Mankulam, positioned at the heart of the province, will serve as a value-addition hub. The goal is to stop exporting raw materials and start exporting high-value processed goods in the agriculture, dairy, and fisheries sectors.

The diversity of the northern inherited business tradition has offered sector-specific opportunities. The summit’s program was meticulously designed to showcase the North’s diverse resources. While agriculture, fisheries, and livestock remained the traditional backbone of the region, the 2026 summit placed a heavy focus on high-growth sectors that can match the well-earned technology-ready human capital of Jaffna youth.

• IT & Technology: Harnessed the region’s youth-led tech communities and innovation hubs.
• Energy & Infrastructure: Identified sustainable solutions for the province’s power and connectivity needs.
• Tourism & Retail: Promoted the unique cultural heritage and natural beauty of the North to a global audience.
• Healthcare & Education: Expanded services to improve the quality of life for residents and created specialized employment.

Every discussion integrated cross-cutting themes like SME empowerment, startups, and women-led enterprises to ensure inclusive growth that benefited the grassroots level.

One of the most significant goals of the summit was social renewal. By creating high-value jobs and career paths locally, the initiative aimed to retain young talent and reduce outward migration. “We wanted our youth to stay and build their futures here,” said a spokesperson for the organizing committee of The Management Club (TMC), the organizers of the event. “By empowering women-led enterprises and strengthening our SME base, we built an economy that was as socially robust as it was financially sound.”

The event attracted a prestigious audience, including international investors, diaspora leaders, industry titans, and development partners. The program featured inaugural day showcases, sector-specific deep dives, panel discussions with eminent experts, and facilitated “matchmaking” sessions.

As the Northern Province opens its doors, the message is clear: the region is ready to preserve its unique identity while embracing a future of global connectivity and unprecedented economic prosperity. (Newswire)

The post BOI charts northern growth strategy at investment summit appeared first on Newswire.

A special impact assessment forum convened by the Board of Investment of Sri Lanka (BOI) on Friday (19), brought together 36 participants from 26 BOI‑registered enterprises to address the devastation caused by Cyclone Ditwah. 

According to a BOI statement, held at the BOI Auditorium, the forum provided a platform for affected industries to share firsthand accounts of damages to property, machinery, equipment, and infrastructure, while exploring immediate support options for recovery.

The discussions marked a major milestone in shaping effective recovery strategies, identifying relief measures, and strengthening collaboration between the BOI and other government agencies. 

BOI Chairman Arjuna Herath and Director General Renuka M. Weerakoon assured participants that the institution would do everything within its mandate to help enterprises overcome setbacks, restore operations, and resume production and exports.

Cyclone Ditwah has left Sri Lanka grappling with unprecedented economic disruption, severely impacting industrial operations, supply chains, and export activities. 

In response, the BOI has launched a comprehensive evaluation of the support required by affected enterprises, beginning with detailed data collection to assess the scope of losses. 

To further assist recovery, the BOI will establish a 24/7 support unit at its Investor Services Department to expedite import/export approvals and manage damaged goods. 

The Chairman also confirmed that discussions with the Ministry of Finance are underway to secure appropriate policies, financial assistance, and inter‑agency cooperation to ensure the speedy recovery and long‑term resilience of BOI‑registered businesses. (Newswire)

The post BOI holds forum to assist enterprises hit by Cyclone Ditwah appeared first on Newswire.

The world‑famous beverage from Sri Lanka, Ceylon Tea, is set to enter a new era with the infusion of Biotechnology 4.0, marking a knowledge‑based export drive for the country’s botanical market.

A major milestone in this science‑led industrialization was reached this week when the Board of Investment (BOI) granted formal approval for a state‑of‑the‑art botanical extraction facility by Natex Extracts (Pvt) Limited.

The project, backed by foreign direct investment (FDI) of USD 1.5 million (over LKR 450 million), will be established in the Pallekele Export Processing Zone in Kandy. It will introduce advanced biotechnology to the heart of Sri Lanka’s tea‑growing region.

Technological leadership for the facility will be provided by Dr. Samuel Perm Mathi Maran, a renowned scientist specializing in phytopharmaceutical innovation, botanical drug research, and green biotechnology. (Newswire)

The post BOI approves state‑of‑the‑art Botanical Extraction facility in Kandy appeared first on Newswire.

The Hirdaramani Group has announced a supplementary foreign direct investment (FDI) of US$1 million to further strengthen Sri Lanka’s apparel value chain. 

This comes in addition to the Group’s original US$52.3 million investment signed with the Board of Investment of Sri Lanka (BOI).

According to the BOI, the new funding will support the ongoing development of Hirdaramani’s advanced textile facility, undertaken in collaboration with international partners. 

The project aims to combine global expertise with Sri Lanka’s established apparel capabilities, enhancing regional competitiveness and driving the country’s transition toward responsible, high‑value fabric manufacturing. (Newswire)

The post Hirdaramani boosts Sri Lanka’s textile future with fresh US$1M FDI appeared first on Newswire.

SkiPod Manufacture Pvt Ltd has signed a landmark agreement with Sri Lanka’s Board of Investment (BOI) to establish a state‑of‑the‑art manufacturing facility, with Phase I valued at US$3 million. 

Backed by US‑based investment and facilitated by the Continam Group, the project marks Sri Lanka’s entry into sports simulation manufacturing.

The company will focus on research, design, and production of advanced sports simulators and lifestyle products, led by its flagship SkiPod, the world’s first indoor ski and snowboarding mixed reality simulator, targeting markets in North America, Europe, and the UAE.

“The latest technology and sports sector investment demonstrates to the rest of the world how Sri Lanka can serve diverse sectors. Most importantly, new learning on simulation technology, both hardware and software, will provide much-needed learning opportunities for Sri Lankan youth,” BOI chairman, Arjuna Hearth, said, congratulating the management of Skipod on its new investment. 

The skipod simulator is driven by the desire for year-round training, improved safety, and performance optimization for both professional athletes and recreational enthusiasts. The market includes a range of products, from high-end commercial and professional machines that can mimic real-world terrain to more accessible home-use models. Key growth factors include the increasing number of participants and the projected shortening of ski seasons, which drives demand for alternative training methods. 

It further redefines superseding technology. SkiPod isn’t just about technology; it’s about creating genuine moments of joy, excitement, and achievement. Whether you’re an experienced skier or trying it for the first time, this mixed reality experience delivers authentic sensations in a safe, controlled environment. Diverse products and technology options will bring a multifaceted life experience to the customer.  

• Treadmill simulators: These often feature a continuous, rotating slope that simulates downhill movement and speed.
• Mixed-reality simulation and 3D environments: Advanced simulators use computer-controlled motors to recreate the terrain of famous ski resorts, including specific features like bumps and ice, based on 3D scans of the actual mountains.
• Adjustable settings: Many simulators allow for customization of speed, incline, and other parameters to accommodate different skill levels and training goals.
• Performance tracking: Software is used to analyze a user’s technique (pressure, angle, position) and provide feedback, allowing instructors and users to track progress. 

The SkiPod simulator offers various difficulty levels and customizable settings to cater to individual skill levels. This versatility makes it an ideal training tool for both beginners and seasoned skiers looking to refine their techniques. They range from basic fitness devices to high-tech systems with interactive screens, Immersive simulation, virtual reality and computer-analyzed feedback, used by beginners and professional athletes alike. 

This new technology-driven manufacturing ecosystem will create new opportunities for the Sri Lankan employees. The New York-based company will open a new dimension of technology advancement with Industry 4.0, with key emphasis on interconnected machinery, smart factories, and enhancing efficiency, flexibility, and productivity. (Newswire)

The post SkiPod to launch Sri Lanka’s first sports simulation manufacturing facility appeared first on Newswire.

SE Apparels has entered into a USD 6 million agreement with the Board of Investment of Sri Lanka (BOI).

Star Garments Group and Epic Group Hong Kong have collaborated on this new initiative. The joint venture was formed through the founding of SE Apparels and represents a new chapter of growth strategy and collaboration for Star.

This joint venture brings Epic Group’s scale and operational skills together with Star’s precision craftsmanship, creative innovation, and luxury garment leadership, enhancing Sri Lanka’s position in global apparel manufacturing.

SE Apparels is founded on the common ideals of sustainability, innovation, and quality, as well as measurable progress in decarbonization, resource efficiency, and ethical sourcing. (Newswire)

The post SE Apparels signs USD 6 million agreement with BOI appeared first on Newswire.

The International Monetary Fund (IMF) states it has not evaluated the Sri Lanka Board of Investment-reported foreign direct investment data, refuting reports related to figures handed to the IMF Mission Chief for Sri Lanka.

Issuing a clarification, the IMF said that a recent report inaccurately attributes critical comments about the Board of Investment’s handling of foreign direct investment figures to the IMF Mission Chief for Sri Lanka.

While the IMF stresses the importance of data transparency and genuine investment for Sri Lanka’s economic progress, it has not evaluated the BOI-reported FDI data, it further said. 

The IMF added that the Fund remains focused on supporting Sri Lanka’s reform efforts to improve the investment climate and foster sustainable growth. (Newswire)

The post BOI FDI figures : IMF issues clarification appeared first on Newswire.

CEAT OHT Lanka (Private) Limited has signed an agreement with the Board of Investment of Sri Lanka (BOI) to formalise a US$ 171 million investment, in a landmark development for Sri Lanka’s manufacturing and export sector.

According to the BOI, the deal is one of the largest recent investments from India into Sri Lanka. 

This investment follows CEAT Ltd.’s acquisition of Michelin Group’s Construction Compact Line Business, including their Sri Lanka-based Midigama plant and Casting Product plant in Kotugoda. 

The transaction gives CEAT global ownership of the Camso brand, which will be permanently assigned across categories after a three-year licensing period. The acquisition closing process is ongoing.

Issuing a statement, the BOI states the agreement strengthens Sri Lanka’s profile as a global hub for Off-Highway Tyres (OHT), positioning the country as a competitive centre for export-led growth.

In line with CEAT’s long-term commitment to Sri Lanka, a Tripartite Memorandum of Understanding has been signed between CEAT OHT Lanka, Michelin Lanka, and the Inter-Company Employees Union (ICEU), guaranteeing job security for approximately 1,483 employees. The MoU ensures full retention of past service, seniority, salaries and benefits, while safeguarding employment with no retrenchments, thereby ensuring stability and continuity as operations transition.

Commenting on the agreement, the Chairman of the BOI, Arjuna Herath, said: “We welcome CEAT’s significant investment into Sri Lanka, which is among the largest investments from India in recent times. This approval underlines our confidence in CEAT’s vision and will further elevate Sri Lanka’s position as a global manufacturing and export hub.”

Amit Tolani, Chief Executive, CEAT Specialty, noted: “BOI’s approval for CEAT OHT Lanka marks a new chapter in our partnership with Sri Lanka. With CEAT’s vision of expanding our global off-highway tyre business, we have great plans for this country. This investment will bring exciting new opportunities for Sri Lanka while playing a central role in our future growth.”

Kumar Subbiah, Chief Financial Officer, CEAT Ltd. added: “Our immediate priority is ensuring a seamless transition while safeguarding jobs and strengthening our operations in Sri Lanka. This investment reaffirms CEAT’s long-term commitment to our employees and to building Sri Lanka as a world-class hub for OHT manufacturing and exports.”

With this agreement, CEAT has reinforced its position as a global player in the high-margin OHT and tracks segment, while embedding Sri Lanka at the centre of its international expansion strategy. The move represents a convergence of industrial growth, export competitiveness and employee assurance, aligned with the BOI’s mandate to attract high-value foreign investment and drive sustainable economic development. (Newswire)

The post BOI signs US$171 Mn investment with CEAT OHT Lanka appeared first on Newswire.