BOI approved projects double in first 3 months

June 8, 2012, 8:48 pm

By Ifham Nizam

Projects approved by the Board of Investment in the first quarter of 2012 would provide 9,500 new job opportunities, according to BoI Publicity Director, Dilip S. Samarasighe.

The estimated investment on approved projects during the first quarter of 2012 was Rs. 96,317 million, of which a total of Rs. 49,169 million was expected as foreign investment and the balance Rs. 47,148 million as domestic investments, he said.

The Publicity Director said that in the first quarter of 2012 the BOI received 72 new applications compared to the 28 received in the corresponding period of the previous year. There were also five applications for expansions of existing projects.

In the first quarter of 2012, the BOI granted approvals for 54 projects against 27 in the first quarter of 2011. This was a 100 per cent increase over the previous year.

BOI also signed 40 project agreements in the first quarter of 2012, which includes 33 new enterprises and seven project expansions. It was a 25 per cent increase from the 32 agreements signed in the corresponding period in 2011.

During the first quarter, 23 projects were implemented, a 64 per cent increase compared to 2011.

The estimated value of the investment from companies that commenced implementation is Rs. 75,273 million.

The total imports of BoI companies during the period under review amounts to Rs. 131 billion of which Rs. 93 bn consists of capital goods and Rs. 37 bn consists of raw material. The total imports by BOI companies shows a 22 per cent increase compared to the previous year which amounted to, Rs. 107 Bn.