The Katunayake Export Processing Zone (EPZ) has focused on attracting reinvestments from existing companies and four out of the 33 large tenants in the zone have initiated expansion with a pledged investment of $26.5 million and almost 1,000 employment opportunities,” Alex Irwin-Hunt, one of the judges at Intelligence’s Free Zones Awards 2022 and global markets editor at fDi Intelligence stated.
EPZ, the largest zone in Sri Lanka, operating under the purview of the Board of Investment, recently secured a special honorable mention for its reinvestment strategy in the fDi Intelligence’s Free Zones Awards 2022, reinforcing its position as one of the region’s leading industrial and free zones. The UK-based fDi Intelligence is a foreign direct investment service by the Financial Times group. The 513-acre EPZ houses all types of enterprises servicing global brands since its inception in 1978.
fDi Intelligence’s Free Zones Awards 2022 recognizes and assesses the most promising free zones across the world and zones that offer the best investment environments and prospects for business expansion and economic development. The 9th edition was judged by both the Financial Times Specialist editorial team and a panel of independent judges for each region.
Elucidating the reinvestment strategy, the BOI Executive Director (Investor Services) Mahinda Ramanayaka stated,” the BOI has adopted four strategies to promote reinvestment. Under the first strategy, the issues faced by the existing investors are recognized in order to find solutions. The second strategy focuses on identifying new investors through the goodwill and business network of existing investors. Under the third strategy, non-performing companies under the BOI are encouraged to review their business. Lastly, the fourth strategy encourages non-BOI companies to register under BOI.”
“Accordingly, the key objectives of the reinvestment strategy are; to increase the FDI inflow, to assist the incorporation of new BOI ventures, to increase the capacity and productivity, and to assist the growth, diversification, and expansion of existing BOI enterprises,” Ramanayaka mentioned.
Meanwhile, BOI Executive Director (Zone), M K D Lawrance expressing positive sentiments, stated “the past 18 months have been the most challenging in recent history for zones due to the restrictions posed by the Covid-19 pandemic and hardships stemming from economic downfall,”
“As far as the reinvestment strategy pertaining to zones is concerned, we are looking at two strategies such as promoting and encouraging existing investors to expand their businesses within zones or outside zones and inviting enterprises outside zones to come and expand their businesses inside zones.
In addition, we are encouraging investors to restart sick companies within zones, Lawrance added. The BOI is looking forward to further widening its investment strategy by attracting technology-driven investment. Innovation and sustainability will be the key focus of the future key players of the FDI category.
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