Press briefing of Cabinet Decision taken on 2023-11-20 (Subject to Confirmation at the next Meeting)

Granting approval under section 17 of Board of Investment of Sri lanka Law No.4 of 1978 for existing Non - BOI Companies/Companies approved under section 16 of Board of Investment of Sri lanka Law No.4 of 1978

- It has appeared that there is a tendency of investors to invest in existing Non BOI companies after bringing the said companies under the Board of Investment of Sri Lanka. Foreign investors are interested in entering into agreements with BOI owing to the recognition and the protection receiving to their businesses in particular. By virtue of powers vested with the Minister in charge of the subject of investment promotion under section 24 of the Board of Investment of Sri lanka Law, an Order has been published through the Gazette Extraordinary Notification dated 2023‑06‑01 by introducing provisions enabling the BOI to pursue action accordingly. As such, the proposal made the Hon. President in his capacity as the the Minister of Investment Promotion to submit the said Order to Parliament for approval, was approved by the Cabinet.