Sri Lanka is looking to add USD 3 to 5 billion dollars additional export revenue through rubber products, Agri and food processing and the export of fisheries, said Chairman BOI, Sanjaya Mohottala at the Economic Forum which concluded yesterday. Top tyre manufacturers have already taken root in Sri Lanka, along with tyre exports and vibrant rubber-based products manufacturing close to US$ 1 billion worth of exports today. “With the recent expansions and the projects in the pipeline, the overall exports expect to reach US$ 1.8 billion by 2023, well on the way to create a US$ 2.5 billion export market by 2025.” The Government has taken measures to build a strong local pharma industry to cater to the country’s needs and to build a new export vertical taking advantage of the skilled talent pools.
To support this strategic initiative, the Government is offering generous tax breaks for up to 10 years and customized incentive packages will be offered for larger investors. “Sri Lanka is the fastest-growing ICT hub in South Asia and we are aiming for US$3 billion exports, doubling what we do today by 2025.” Sri Lanka looks to double ICT related exports by investing in developing world-class talent pools, enabling infrastructure such as high-speed internet even down to the rural communities, developing 5 focused technologies IT parks and introducing new legislation to orchestrate and catalyze the startup ecosystem. “Opportunities also exist for investors to set up factories to localize up to US$1 billion worth of raw material imports to increase apparel supply chain resilience and supply chain agility and cater to growing demands of manufactures and buyers,” Mohottala said. Commenting on Tourism he said that Sri Lanka is targeting US$8 billion worth of revenue, 4 million tourist arrivals post C-19 by 2025.
“The new addition to Colombo’s Central Business District, the Colombo port City with its newly minted legislation, aims to be on par with Dubai, Qatar and Labuan to facilitate service sectors and encourage business to set up regional HQ’s to serve close to 3 billion consumers in the region.” “For the real estate investors, this offers a significant opportunity to capitalize on key infrastructure builds. “ Sri Lanka is home to over 1,200 foreign companies as of today, who have been here for many years.
Nearly 50% of capital formation that took place in 2020 by BOI companies came from existing investors expanding their footprint to take advantage of global opportunities. “BOI companies account for 85% of all industrial exports from Sri Lanka and are looking to orchestrate and help several key manufacturing sectors to take root in the country to reach US$ 1 billion export or import substitution by 2025.” (SS)
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