Double-digit growth recorded in seven export sectors
Investment pipeline poised to expand current export basket further
Accounting for 65% of all national exports and 85% of all national industrial exports, the Board of Investment (BOI) said yesterday that total export earnings recorded as at date for the year, from enterprises under its purview, have surpassed export revenues with the corresponding year-to-date value achieved in 2019.
The year 2019 is regarded as the last recorded year of pre-COVID growth and is considered a base year to measure absolute performance and growth by for subsequent years.
Of the 23 export sectors listed under the Board of Investment, 15 of them have grown vs. 2019, and most notably, seven industries such as Rubber, Textiles and Fabrics, Electronics, Food Processing, Industrial Chemical, Petroleum, Coal and Plastic, Transport Equipment and Waste have all recorded double-digit growth against the same period.
Apparel, which is the largest contributor to export earnings among the total portfolio, and is just under 7% shy from achieving the corresponding 2019 value, has grown in double digits against 2020.
To support this achievement, the BOI remained committed to all enterprises under its purview, especially with the pandemic continuing to soar through the better part of this year, by the successful vaccination of the entire working population both within and outside its 14 Export Processing Zones and even facilitating the provision of curfew passes during lockdown periods, for all operations to continue unhindered. On top of this, the BOI also represented enterprises on issues that related to policy and regulation to address concerns and challenges faced by enterprises.
As of November 2021, the BOI has signed $ 2 billion worth of investment approvals. During the first half of 2021 alone, $ 760 million has been invested in Sri Lanka, of which $ 400 million is FDI. This is in contrast to pre-pandemic 2019, where 113 new projects were approved and added to the pipeline, to the value of $ 1.1 billion, of which, the foreign component value was $ 400 million.
In 2020, despite the pandemic and slowdown in investment decisions, 128 projects were approved with a value of $ 2.2 billion, of which, the foreign investment component was $ 1.6 billion. In 2021, 117 new projects were approved to the value of $ 2 billion, of which $ 980 million was the foreign investment component.
“Through this, the overall investment pipeline has exceeded 2019 values, despite the pandemic continuing through 2020 and 2021,” BOI added.
(FT)