Business
BOI clarifies situation on FDI promotion in Sri Lanka
The Board of Investment of Sri Lanka has come forward to clarify recent remarks made by Dhananath Fernando, CEO – Advocata Institute during a program on News First (FACE THE NATION; “Economic Stability: Myth or Reality?”) on 14th February 2024.
During this program, three broad statements were made by Fernando substantiating his opinion that “there is no way we can attract investment for exports”.
The BOI would like to highlight some inaccuracies presented in order to update the public and our stakeholders as follows:
Contrary to the statement made by Fernando that the Board of Investment (BOI) has not established any new projects/zones in the last eight years, it should be noted that BOI has consistently engaged in establishing zones to support investments and economic growth. Currently 15 zones operate under the aegis of BOI with associated infrastructure ensuring smooth operation of investment projects.
Nine of the said BOI Zones are located in the Western Province hosting over 200 export-oriented enterprises – which is testament to the zones’ success and whilst the majority of these zonal lands are thus productively utilized, BOI still has capacity to cater to projects meeting the stipulated investment criteria within these zones.
The BOI wishes to further emphasize that several zones in North Western, Eastern and Southern Provinces have been established as part of an island-wide strategic initiative designed to promote investments into potential sectors and contribute to industrial development throughout the country. Additionally, a further 2,500+ acres have been identified for zone development throughout the island.
Fernando also erroneously stated during the same discussion that over 16 licenses are required for a single project to be mobilized over an alleged expedited period of two years if not, a longer time period of even 3-4 years.
Here, it is essential to understand that the number and nature of approvals required for a BOI project vary significantly based on the specific characteristics of the project. However, licenses are typically required when a project utilizes natural resources or is environmentally sensitive in nature, but in no instance has the BOI recorded a project requiring 16 licenses to be obtained prior to implementation.
Project implementation requires Line Agency approvals which are in place as checks and balances to safeguard significant elements of socio-economic and environmental interest. To help investors navigate this approval process, BOI introduced an Investor Facilitation Center (IFC) in 2022, fast-tracking projects requiring complex approvals. The success rate of IFC interventions is at 80% since inception in November 2022.
The BOI is committed to transparency and openness in all its endeavors and welcomes any queries related to our operations and developments, and remains dedicated to fostering a conducive business environment that supports both local and foreign investors.Based on the above, the BOI opines that Fernando’s statements are not only misleading, but injurious to the purpose of FDI promotion in Sri Lanka.
Business
Ambeon Securities hosts exclusive investor forum on Sri Lanka’s economic and market outlook
Ambeon Securities recently hosted an exclusive investor forum, bringing together clients, investors, business leaders, and market professionals for an insightful discussion on Sri Lanka’s economic outlook and investment opportunities amidst a challenging global landscape.
The event was organized with the objective of providing investors with valuable insights to make better-informed investment decisions while further strengthening the firm’s engagement with its growing client base.
The forum featured Baqar Zaidi, Director and Chief Economist for Sri Lanka and India at Citi Research, as the keynote speaker. Sharing his perspectives on the evolving global macroeconomic environment, Mr. Zaidi discussed key themes influencing emerging and frontier markets, Sri Lanka’s economic trajectory, and the opportunities lie ahead.
The keynote address was followed by an engaging panel discussion comprising Baqar Zaidi, Aravinda De Silva, respected investor, entrepreneur, and the Chairman of Arcasia Holdings. Hasitha Premaratne, Group Managing Director of Brandix and Asanka Herath, Chief Executive Officer – Unit Trusts and Head of Equities at LYNEAR Wealth Management.
Moderated by Imran Furkan, the panel explored a range of topics including Sri Lanka’s macroeconomic outlook, the future of the Colombo Stock Exchange, sectoral opportunities, capital allocation strategies, investor confidence, and the role of policy reforms in attracting investment and supporting long-term growth.
Speaking at the event, Charith Kamaladasa, Chief Executive Officer of Ambeon Securities, reaffirmed the company’s commitment to facilitate quality insights, informed perspectives, and meaningful dialogue to support their clients while building lasting relationships with them. He noted that in an environment where uncertainty has become the new normal, equipping investors with timely information and expert perspectives is essential for successful wealth creation.
The event was well attended by a distinguished gathering of institutional investors, high-net-worth investors, and business leaders. Among those present were members of the Ambeon Group Board, including Group Chairman Sujeewa Mudalige, Group CEO Dr. Sajeeva Narangoda, and Chairman of Ambeon Securities Mangala Boyagoda. Their presence, together with the participation of Ambeon Group shareholders and valued clients, enriched the discussions and contributed to a vibrant networking session, fostering meaningful dialogue and stronger connections within the investment community.
Through initiatives such as this, Ambeon Securities continues to reinforce its commitment to helping clients navigate evolving market conditions, make informed investment decisions, and achieve their long-term financial goals.
Business
Tata Group leads humanitarian education support initiative with DIMO and ChildFund
The Tata Group, in partnership with ChildFund and DIMO, has successfully implemented a humanitarian education support initiative for disaster-affected schoolchildren in Sri Lanka, reaffirming its commitment to helping communities recover from the impacts of Cyclone Ditwah and the subsequent floods.
Following a formal request for support from Sri Lanka, an on-ground assessment was conducted in December 2025. Recognizing the urgent need, several Tata companies joined forces to implement the response program.
As part of this initiative, the ‘Hope in a Backpack’ programme, which provides disaster-affected children with essential educational supplies, was launched by the Tata Group at Taj Samudra, Colombo, in the presence of the Chief Guest, Hon. Prime Minister Dr. Harini Amarasuriya; the Guest of Honour, Hon. Indian High Commissioner Santhosh Jha; Ranjith Pandithage, Chairman of DIMO; Chacko Thomas, Group Chief Sustainability Officer, Tata Sons; and Aditi Ghosh, Country Director, ChildFund.
This initiative is part of DIMO’s Social and Community Pillar, under the project theme ‘Lassana Hetak,’ which focuses on giving the future generation a helping hand towards a better future.
This collective effort was further strengthened by volunteers from Tata and DIMO, who actively mobilized on the ground to pack, distribute, and support affected communities. During the proceedings, specially invited schoolchildren received the backpacks with essential supplies as well.
Commenting on the partnership, Ranjith Pandithage, Chairman of DIMO, said: “DIMO is proud to collaborate on this meaningful initiative alongside the Tata Group and ChildFund as the local implementation and logistics partner. Our relationship with Tata spans more than six decades and has been built on a shared commitment to ethical business practices, trust, and creating lasting value for the communities we serve. These values have shaped our partnership over the years, extending beyond business to initiatives that make a meaningful difference in people’s lives.”
Business
NovaNest Properties launches Rainbow Apartments in Ratmalana
NovaNest Properties (Pvt) Ltd has officially launched Rainbow Apartments, a new residential development in Ratmalana. The announcement was made at an official launch event held at the Shangri-La Hotel, Colombo, marking the company’s latest addition to Sri Lanka’s growing apartment market.
The development is designed to cater to homebuyers seeking modern urban living, as well as investors looking for long-term value. Rainbow Apartments is located in Ratmalana, an area of increasing residential interest, and benefits from the suburb’s established social infrastructure, proximity to major transportation links, and accessibility to Colombo.
The project reflects NovaNest Properties’ commitment to delivering quality residential developments that combine contemporary design with practical living. Intended to satisfy the evolving lifestyle demands of today’s homeowners, Rainbow Apartments features thoughtfully designed living spaces supported by modern amenities. These include two infinity pools, a gym, fully functional workspaces, a mini theatre, stylish cafés, a mini-mart, and a children’s daycare. Additionally, it features a full time medical centre backed by Nawaloka Hospitals PLC Colombo, with a 24-hour ambulance service.
Commenting on the launch, the Chief Executive Officer of NovaNest Properties (Pvt) Ltd, Samitha Waidyasekera, said, “Today’s buyers are looking beyond square footage. In addition to providing long-term value, they want homes that are close to the places where they work, learn, and spend their time. With that shift in mind, Rainbow Apartments was created to bring together a strategic location, thoughtful design, and quality construction in a way that will continue to meet buyers’ needs for years to come. Through our promise of ‘Luxury Beyond Expectations,’ we are committed to delivering an elevated lifestyle experience that combines comfort, convenience, and modern living.
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