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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » BOI gets Rs. 6,317 m investment in first 1Q

BOI gets Rs. 6,317 m investment in first 1Q

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Rizmi

Rizmi
Manager - Equity Analytics
Manager - Equity Analytics
* 100 % increase over 2011

* Approves 54 projects in 2012

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% increase over the previous year. The estimated investment of the approved projects was Rs. 96,317 million of which a total of Rs.49,169 million is expected as foreign investment and the balance 47,148 million as domestic investments.

An official from the BOI said that these approved projects would create 9,500 new employment opportunities.

The total exports from the enterprises under BOI during the first quarter of 2012 amounts to Rs193 billion, a 7% increase over the corresponding period in 2011.

The total imports of BOI companies during the period under review amounts to Rs 131 billion of which Rs. 93 billion consists of capital goods and Rs. 37 billion consists of raw material.

The total imports by BOI companies shows a 22% increase compared to the previous year ( Rs. 107 billion.).In terms of Capital Goods, a 2.5 fold increase is evident.

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 5 applications for expansions of existing projects.

The BOI signed 40 project agreements in the first quarter of 2012 and this includes 33 new enterprises and 7 project expansions. This was a 25% increase from the 32 agreements signed in the corresponding period in 2011.

In the period under review 23 projects started project implementation, all of which were new projects. It's a 64% increase compared with the new projects starting implementation in the first quarter of 2011. The estimated value of the investment from companies that commenced implementation is Rs. 75,273 million. They will create 2,946 employment opportunities.

In the period under review 18 enterprises commenced commercial operation against 20 in the corresponding period in 2011. The estimated investment value of these 18 enterprises was Rs. 7,198 million compared to 3,089 million in first quarter 2011. These enterprises are expected to create over 5,000 employment opportunities.

http://www.dailynews.lk/2012/06/05/bus01.asp

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