Guest blog written by Ganga Palakatiya
The Investor Engagement team (I team) consisted of government officials working at the Board of Investment, Sri Lanka, to diversify the economy by engaging new anchor investors and attracting Foreign Direct Investors (FDI) in new sectors. This was part of a PDIA engagement from May 2016 to September 2017.
I team members: L K D Lawrance, Nelson Kumaratunga, Dilip Samarasinghe, Vipula Jayasinge, Ganga Palakatiya, Dhammika Basnayake, Krishnatha Britto, Indunil Perera, Hemadree Naotunna, and Rushda Niyas. This is their story!
Based on the Targeting Team (T team) findings on sector targeting, Solar Panel Manufacturing was identified as a potential sector for investment in Sri Lanka. The “I Team,” consisting of dedicated officers for investment promotion, was assigned to promote Sri Lanka as an attractive destination for this and other priority sectors and attract key “anchor investors.” The timeframe given for this task was period of one year. Solar Panel Manufacturing would be a pioneer sector for Sri Lanka. There were no existing manufacturers in the country except one player who was under construction status. Thus, this was a new technology for the country, unfamiliar to Sri Lanka’s workers, suppliers and government bodies. This formed a challenge for the I Team, but with trainings from CID, the team crafted a four-step strategic approach (Figure 1), combining existing BOI investment promotion methods with a more proactive targeting of key sectors, countries and companies.
Figure 1: Strategic Approach of I Team in Investor Engagement Targeting Sectors for FDI Attraction & Export Promotion