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BOI Investment Guide SRI LANKA Investment Guide 2019 Board of Investment of Sri Lanka SRI LANKA : Investment Guide to Sri Lanka 2018 Preface This brochure provides an insight for prospecve investors exploring available investment opportunies or seeking to expand their investment porolio in Sri Lanka. It contains informaon needed for first me investors and also provides the correct direcon for further assistance. The Government is commied in facilitang, protecng and promong a liberal investment climate in Sri Lanka by connuing to re-align their systems and procedures to suit the modern business needs. The prospecve investors are encouraged to take advantage of these untapped investment opportunies in the island. First me investors may contact the Board of Investment of Sri Lanka (BOI) to seek further informaon on Sri Lanka Business and Investment Climate. The BOI is always commied and prepared to provide advice on maers relang to doing business in Sri Lanka. 1 SRI LANKA : Investment Guide to Sri Lanka 2018 SRI LANKA Profit from South Asia’s Most Dynamic Investment Desnaon Sri Lanka is the most compeve business center in the South Asian Region and there are compelling good reasons for investors to locate their business enes in Sri Lanka. As an island naon that radiates beyond its size, Sri Lanka is renowned for its strategic locaon, scenic beauty and harmonious blend of races and cultures. The strong macroeconomic environment and supporve government policies, polical stability, close links with foreign markets, excellent educaon and healthcare systems, outstanding infrastructure and mineral resource endowments are few important factors that investors consider when making a decision to invest in Sri Lanka. With the relavely robust economic growth in last three decades, Sri Lanka has transited to lower-middle income country and maintains a stable posion compared to the peer countries in the region. Sri Lanka has preferenal market access under the Indo- Lanka FTA and Pakistan-Sri Lanka FTA which allows 100% duty free access for more than 4,200 products for both countries. Further, recently signed Singapore-Sri Lanka FTA According to the Sri Lanka government's policy framework will provide more opportunies for investments while “Vision 2025”, which was launched in 2017 to strengthen regaining EU GSP Plus allows duty free access to the EU democracy and reconciliaon, inclusive and equitable Market for over 6,000 products. growth while ensuring good governance in the country, it is expected to posion the country as an export-oriented economic hub at the Centre of the Indian Ocean. Ongoing negoaons with China and India for comprehensive agreements will provide more opportunies in the near future. “The Vision 2025 Sri Lanka” aims to raise per capita income to USD 5,000 per year, create one million new jobs, increase FDI to USD 5 billion per year, and double exports Moreover, Sri Lanka has an admirable quality of life to USD 20 billion per year. These intermediate targets lay indicated by the standard health care facilies, world-class the foundaon for Sri Lanka to become an upper-middle educaon system, presgious hotels/leisure facilies, income country by 2025. modern office complexes, luxury residenal apartments and banking facilies in the country. 2 SRI LANKA : Investment Guide to Sri Lanka 2018 Why Invest in Sri Lanka? 1. Strong Economic Growth 2. Unparalleled Strategic Locaon 3. Improved Investment Environment 4. Educated & Adapve Workforce 5. Fast Developing Infrastructure 6. Access to Key Markets 7. Quality of Life 8. Natural Resources Endowment 9. Advanced Facilitaon 10. Incenves 11. Investment Potenal in Sri Lanka 3 SRI LANKA : Investment Guide to Sri Lanka 2018 1. Strong Economic Growth Naonal Output (2017) GDP Distribuon (2017) GDP (Current Market Price) : USD 87.2 bn Agriculture : 6.9% Industry : 26.8% Per Capita GDP : USD 4,065 Services : 56.8% Real GDP Growth : 3.1% Taxes Less Subsidies on Products : 9.5% Demography Labour Force : 8.2 Mn Unemployment Rate (% of Labour Force) : 4.2 Populaon : 21.4 Mn Agriculture Taxes Less External Trade 6.9% Industry Subsidies on Exports : USD 11,360 Mn 26.8% Imports : USD 20,980 Mn Products 9.5% Trade Balance : USD (9,619) Mn Inflaon CCPI Annual Average : 6.6 % Services External Finance 56.8% FDI : USD 1.7 bn (2017) FDI % of GDP : 2% (2017) Source : Central Bank of Sri Lanka & Board of Investment of Sri Lanka Key Trade Partners of Sri Lanka Sri Lanka's Top 10 Export Desnaons - 2017 Sri Lanka's Imports by Country (Top Ten) - 2017 (USD Mn.) (USD Mn.) United States 2,911 India 4,498 United Kingdom 1,035 China 4,193 India 689 Singapore 1,293 Germany 538 Japan 1,039 Italy 529 USA 813 China 415 Malaysia 642 Belgium 347 Thailand 519 UAE 274 Taiwan 482 Turkey 233 Hong Kong 439 Netherlands 220 Saudi Arabia 39 500 1,000 1,500 2,000 2,500 3,000 1,000 2,000 3,000 4,000 5,000 Source : Export Development Board Sri Lanka Source : Sri Lanka Customs 4 SRI LANKA : Investment Guide to Sri Lanka 2018 Major Exports and Imports Sri Lanka's Exports by Product in 2017 (Top 15) Sri Lanka's Imports by Product in 2017 (Top 10) Apparel 4,739 Tea 1,512 Petroleum Products 3218 Rubber & Rubber products 873 Textiles 2663 Coconut & Coconut based products 563 Food, Feed, Beverages & Tobacco 390 Machinery & Equipment 1678 Electrical, Electronic and Machinery 372 Vehicles & Equipment 1499 Spices 353 Electronic & Electrical 1383 Petroleum Products 292 Boat Building 279 Iron & Steel Products 1234 Textiles 277 Diamond & Precious Stones 773 Diamonds, Gems & Jewellery 266 Plastic Products 724 Fish 256 Chemical & Plastic Products 140 Cement 526 Base Metal Products 116 Pharmaceulticals 435 Non Metallic Mineral Products 110 500 1,000 1,500 2,000 2,500 3,000 3,500 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 USD Mn. USD Mn. Source : Sri Lanka Customs Source : Sri Lanka Customs Foreign Direct Investments FDI Inflow (2005-2017) FDI by Country (Cumulave FDI 2005–2017)-Top 25 China 1,738 Malaysia 1,540 1800 1,710 Hong Kong 1,441 1,616 India 1,164 1600 U.K. 1,067 Netherlands 850 1,391 Singapore 665 1400 1,338 Mauritius 610 UAE 593 1200 USA 444 1,066 Japan 331 970 Luxembourg 326 1000 889 Sweden 227 801 Australia 190 800 734 Canada 159 British Virgin Island 145 600 604 602 Belgium 124 516 Germany 102 Italy 82 400 Switzerland 81 287 Korea 65 Thailand 65 200 France 38 Norway 37 Saudi Arabia 33 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 200 400 600 800 1000 1200 1400 1600 1800 USD Mn. USD Mn. FDI Received (Cumulave) from 2005-2017 Sector wise Breakdown IT and BPO 2% Hotels & Restaurants Other 9% 9% Manufacturing 26% Port Development 7% Agriculture Fuel, Gas, Petrolium 0% 2% Housing, Property Telephone & Development and Power Generaon Telecommunication Shopping & Office 4% Network complexes 27% 14% Source : Board of Investment of Sri Lanka 5 SRI LANKA : Investment Guide to Sri Lanka 2018 2. Unparalleled Strategic Locaon Sri Lanka is situated strategically at the crossroads of major as a gateway to a market of 1.3 billion people. These factors shipping routes to South Asia, the Far East, the Middle East, have combined to generate keen interest in the country's Africa, Australasia and the connents of Europe and logiscs sector, as well as from manufacturers looking for America, making the country a convenient port of call for opportunies in the South Asian region. shipping lines and airfreight services. Further, Sri Lanka's proximity to the Indian sub-connent posions the country 6 SRI LANKA : Investment Guide to Sri Lanka 2018 3. Improved Investment Environment Investment Policy Sri Lanka's Investment policy is geared towards the realizaon of naonal sustainable development goals and grounded in the country's overall development strategy. Investment policy priories are based on a thorough analysis of the country's comparave advantages and development challenges and opportunies. Its strategic priories, include: - Investment in specific economic acvies, i.e. as an integral part of an industrial development strategy. - Areas for mutual reinforcement of public and private investment (including a framework for public-private partnerships). - Investment that makes a significant development contribuon by creang decent work opportunies, enhancing sustainability, and/or by expanding and qualitavely improving producve capacity and internaonal compeveness. In this context, the key legislaons facilitang investments in Sri Lanka are; The Board of Investment Law No. 4 of 1978 and its amendments is the principal law applicable to investments in Sri Lanka. This law established the naonal investment promoon agency, the Board of Investment of Sri Lanka, which is structured to funcon as Board of the 'Central Facilitaon point' for investors and empowered to enter into agreements with Investment Law No. 4 investors providing incenves to aract investments. of 1978 This legislaon was introduced to promote Sri Lanka as an emerging trading hub and facilitates related specific trading and services acvies. Free Ports and Bonded Areas have Finance ACT No. been set up to create trade related infrastructure to facilitate Sri Lanka's import and export 12 of 2012 of goods and services with freedom to carry out transacons in converble foreign currency. (Hub operaons) as amended in 2013 This legislaon has simplified the taxaon law in Sri Lanka while introducing new incenve regime for investors. While maintaining the standard corporate income tax rate at 28%, this law provides for a reduced rate of 14% for specific sectors such as SMEs, Exports of Goods Inland Revenue and Services, IT, Educaon, Tourism and Agriculture. Enhanced Investment allowance has Act No.24 been offered to investors for their fixed capital investment over and above the normal of 2017 depreciaon.
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