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)

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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)

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Minister Bimal Rathnayake says Sri Lanka has received one billion US Dollars in foreign direct investment (FDI) in the first year of the presidency of President Anura Kumara Dissanayake.

Minister Rathnayake said agreements were signed with other countries, taking into account several sectors, including economy, education, and culture.

“From last October to today, Sri Lanka has received 1.015 billion US Dollars in FDI. These are not agreements signed or pledged, but funds that have been realized,” he said. 

Minister Rathnayake further said the facts could be cross-checked with the Board of Investment of Sri Lanka (BOI). 

He made the remarks while addressing the Parliament today. (Newswire)

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Deputy Minister of Industries and Enterprise Development, Chathuranga Abeysinghe, has shared key figures from the Board of Investment’s (BOI) performance dashboard, from January to June 2025, countering scepticism regarding Sri Lanka’s investment climate.

According to the report, 57 projects have been approved by the BOI so far in 2025.

From the US$569 million estimated investment, US$507 million is foreign direct investment (FDI), which is a 101% increase compared to the same period in 2024.

The report further shows that US$285 million has been generated through local investments, and these projects are expected to create over 14,000 new employment opportunities.

Export revenue for BOI companies stood at US$3.7 billion, showing a 3% growth.

Deputy Minister Abeysinghe pointed out that the lack of accessible data in the past had allowed corruption and inefficiency to flourish, but transparency and results are now leading the way.

He further said new export processing zones are being established beyond the Ministry’s own industrial zones, indicating wider national industrial growth.

“Until Sri Lanka goes bankrupt again, some opposition forces and liberal reformists will keep dreaming. But today’s investors have confidence in the government’s current direction,” Deputy Minister Abeysinghe said, referencing the growth in the stock market and FDI.

The report also showed that Singapore (47%), Netherlands (15%), France (14%), India (5%), and Luxembourg (3%) are the top FDI source countries.

It further shows that 17 industrial zones are operational, with 5 more industrial zones upcoming. (Newswire)

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The Board of Investment (BOI) of Sri Lanka has successfully increased Foreign Direct Investment (FDI) by US$96 million in the first quarter of 2025, compared with the same period in 2024.

This was disclosed during a progress review meeting of the Board of Investment of Sri Lanka, chaired by President Anura Kumara Disanayake, at the Presidential Secretariat today.

BOI officials noted that, relative to the first quarter of 2024, domestic investment rose by US$21 million, while export income increased by US$176 million during the first quarter of 2025. In total, Sri Lanka has attracted US$4,669 million in investment proposals thus far in 2025.

The meeting also focused on the issues and challenges associated with attracting investment to the country and discussed potential strategies to address them.

Addressing the gathering, President Anura Kumara Disanayake stated that the Board of Investment holds a pivotal role in enhancing the national economy and improving the living standards of the rural population. 

He stressed that opportunities to attract investment in traditional sectors are becoming increasingly limited and therefore the nation must identify new areas for investment, an endeavour that falls under the BOI’s mandate.

The President further noted that Sri Lanka has attracted only around US$22 billion in investment since 1978. In comparison to other countries in the region, he stated, Sri Lanka must advance rapidly, referencing Vietnam’s achievement of securing US$23 billion in investment in 2022 alone.

He went on to state that the BOI should prioritise the expansion of investment in the services sector and proactively seek new investment opportunities, rather than focusing solely on recapturing missed ones.

The event was attended by senior officials of the Board of Investment, including Mr Duminda Hulangamuwa, Senior Advisor to the President on Economic Affairs; Mr Arjuna Herath, Chairman of the Board of Investment; and Ms Renuka Weerakone, Acting Director General of the Board of Investment. (Newswire)

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The  Board of Investments (BOI) has been able to attract Foreign Direct Investments (FDI)  of 1.75 billion US dollars exceeding the targeted amount of 1 billion US dollars for 2022, State Minister of Investment Promotion Dilum Amunugama stated.

According to the President’s Media Division, Amunugama stated that the target was achieved despite the ongoing economic crisis.

He further stated that the target set by the BOI for FDI for 2023 is 1.5 billion US dollars and BOI FDI realized in the First quarter of 2023 amounted to 211 million US dollars. 

Amunugama stated that the BOI has approved investments of 682 million US dollars from January to July. 

He expressed these views during a press conference themed ‘Collective Path to a Stable Country’ held at the Presidential Media Centre (PMC) yesterday (July 20). 

“It is necessary to update and modify Sri Lanka’s existing legislative framework in order to make the country an investment-friendly destination. It is expected to introduce new investment laws by the end of 2023, without affecting other government entities’ current legal frameworks. 

Additionally, foreign investors do not receive their investment rights when they enter this country. As a solution, we must update our legislative framework to ensure that their investment rights are protected. 

A seven-member committee consisting of Director Generals of government institutions has already been appointed to look into the existing laws that restrict investments,” he stated.

State Minister of Investment Promotion Dilum Amunugama further said the government intends to execute a program under the concept of ‘One Village – One Product’ to empower entrepreneurs who produce export-level products in selected regional secretariats, involving them in the export process, and scale it up at the District and National levels. A Central Export Center will be established for them and measures will be taken to strengthen the connection between the rural exporters and the Sri Lanka Export Development Board.

He further revealed that in line with the government’s proposal to cultivate cannabis for medicinal purposes, 200 project proposals have so far been submitted. 

The Minister of Indigenous Medicine Promotion has undertaken the task of amending the relevant laws. The government intends to launch the Cannabis Pilot Project by the end of 2023 following the passage of these laws, the State Minister added. (NewsWire)

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