- Driving Economic Growth through Competitive Investment Opportunities, a Priority Focus.
COLOMBO : President Ranil Wickremesinghe affirmed his commitment to bolstering the nation’s economy through the establishment of competitive investment avenues. He commended the pivotal role played by companies under the purview of the Board of Investment in driving Sri Lanka’s economic growth.
Addressing attendees at the Investment Board Awards Ceremony held at the Presidential Secretariat yesterday (02), President Ranil Wickremesinghe underscored the significance of such initiatives. This inaugural ceremony coincided with the 45th Anniversary of the Board of Investment, during which the President bestowed 30 awards upon deserving companies for their noteworthy contributions to foreign direct investment and export performance, as well as recognizing longstanding active participants. A rigorous evaluation process was undertaken to ensure merit.
Moreover, a new award category was introduced to honour individual contributions to the Sri Lankan economy. Notably, Brandix Group CEO Ashraf Omar, Mas Holdings Co-Founder and Chairman Deshamanya Mahesh Amalean, and Sail Lanka Yacht Group Chairman Pierre Pringiers were each presented with awards in this category. President Ranil Wickremesinghe personally conferred these accolades, acknowledging their significant impact on the nation’s economic landscape.
Mr. Dinesh Weerakkodi, the Chairman of the Board of Investment, presented a photograph capturing the inauguration of the Biyagama Investment Zone in 1981 to the President as a token of remembrance.
President Ranil Wickremesinghe joined the recipients of the awards for a group photograph. Reflecting on Sri Lanka’s pioneering role in establishing Special Economic Zones (SEZs) in South Asia, he highlighted the success of investment zones such as Katunayake and Biyagama. He emphasized their achievement in attracting significant investors, fostering industrial development, and generating employment opportunities.
Expressing his views at this event President Ranil Wickremesinghe said;
“It has been 45 years since the establishment of the Board of Investment in our country. In 1977, President J.R. Jayawardena made the decision to liberalize a segment of our economy. Recognizing that a portion of the economy had been tightly regulated and controlled, he opted for a gradual approach to opening it up. Consequently, the Greater Colombo Economic Zone was formed under his initiative.
I distinctly recall advocating for the inclusion of Biyagama in this endeavour. Subsequently, in January 1978, the necessary legislation was enacted. This marked the genesis of the Katunayake Investment Zone, emerging from the transformation of a coconut estate in Katana.
The establishment of the Biyagama Investment Zone faced skepticism from the United Nations Industrial Development Organization (UNIDO), which deemed it unfeasible. However, the engineers at the Board of Investment persisted, demonstrating that it was indeed achievable. Thus, the Biyagama Investment Zone came into existence.
Prior to the creation of the Biyagama Zone, there was already a factory operating in Biyagama, namely Baganon Lanka. Mr. Pringiers, associated with this venture, used to frequent my office at that time, located nearby in Sapugaskanda.
The initiation of these zones marked the beginning of a journey fraught with challenges. From contending with the LTTE conflict to confronting the Janatha Vimukthi Peramuna (JVP) insurgency, the security of these zones demanded rigorous measures, including thorough inspections of all individuals entering and exiting. Despite these adversities, we persevered, emerging unscathed from both the war and the economic turmoil of the past two years
