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Major Projects begin work, BOI tax holiday lapses for 1056 Firms
Sri lanka hopes to attract over Us$ 2.5 billion of forign direct investments in 2014. This will be more than a 100 %, increase of FDI recorded in 2013. MInister of Investment Promotion, Lakshman Yapa Abaeywardene said that for the third quarter of 2013 the Board of Investment (BOI) has been able to raise over US$870 million.
"This is a 43% increase as against the previous year in the same period,' the Minister said. Minister Yapa Abeywardene said that Sri Lanka after the ending of terrorism and successfully hosting the CHOGM summit is gaining popularity as a preferred investment destination. "Due to this we are expecting a target of US$ 2.5 billion FDI's for 2014." He said that 2013 was a progressive year for the BoI where they were able to meet all their targets.
RIU Group Spain, a US$ 80 million a joint venture with Aitken Spence will be a hotel with 500 rooms and will be constructed with an investment of US$ 80 million and 1,000 employment opportunities will be generated by this.
Commenting on the proposed mixed development of Crown Investments of Australia in D. R. Wijewardene Mawatha he said that this project too will get off the ground this year as a hotel project.
"Being a responsible government which listens to the thoughts of the people we would not issue a licence to operate a casino at this hotel,"he said.
Total value of exports of BOI approved projects was US$ 5.9 billion as at November 2013. Compared to the export value of US$ 5.5 billion in the corresponding period of 2012, this has shown a 8% growth. The Minister also said that the GSP plus issue has not resulted in the reduction of apparel exports.
The export value for December 2013 is in the process of calculation and when this value is included, the total export value will be over US$ 6.05 billion. There are 1,723 projects in commercial operation under the BOI.
According to a survey carried out by the BOI, 1,056 projects have expired their tax holiday period in 2013 and have started paying corporate tax.
Another 95, 101, and 71 projects will be added to the above by 2014, 2015 and 2016 respectively and thereafter further a 400 projects will be included in the tax net. Some of the mega projects in the pipeline are: Onyx Industries - UAE - US$ 300mn.
Sri lanka hopes to attract over Us$ 2.5 billion of forign direct investments in 2014. This will be more than a 100 %, increase of FDI recorded in 2013. MInister of Investment Promotion, Lakshman Yapa Abaeywardene said that for the third quarter of 2013 the Board of Investment (BOI) has been able to raise over US$870 million.
"This is a 43% increase as against the previous year in the same period,' the Minister said. Minister Yapa Abeywardene said that Sri Lanka after the ending of terrorism and successfully hosting the CHOGM summit is gaining popularity as a preferred investment destination. "Due to this we are expecting a target of US$ 2.5 billion FDI's for 2014." He said that 2013 was a progressive year for the BoI where they were able to meet all their targets.
RIU Group Spain, a US$ 80 million a joint venture with Aitken Spence will be a hotel with 500 rooms and will be constructed with an investment of US$ 80 million and 1,000 employment opportunities will be generated by this.
Commenting on the proposed mixed development of Crown Investments of Australia in D. R. Wijewardene Mawatha he said that this project too will get off the ground this year as a hotel project.
"Being a responsible government which listens to the thoughts of the people we would not issue a licence to operate a casino at this hotel,"he said.
Total value of exports of BOI approved projects was US$ 5.9 billion as at November 2013. Compared to the export value of US$ 5.5 billion in the corresponding period of 2012, this has shown a 8% growth. The Minister also said that the GSP plus issue has not resulted in the reduction of apparel exports.
The export value for December 2013 is in the process of calculation and when this value is included, the total export value will be over US$ 6.05 billion. There are 1,723 projects in commercial operation under the BOI.
According to a survey carried out by the BOI, 1,056 projects have expired their tax holiday period in 2013 and have started paying corporate tax.
Another 95, 101, and 71 projects will be added to the above by 2014, 2015 and 2016 respectively and thereafter further a 400 projects will be included in the tax net. Some of the mega projects in the pipeline are: Onyx Industries - UAE - US$ 300mn.
