The Central Bank Annual Report 2006 (p. 39) states:
The inflow of foreign direct investment increased
substantially by 110.3 per cent to US dollars 604 million
in 2006 . . . . Of the total foreign direct investment in 2006,
more than 60 per cent was invested in telecommunication
sector, textiles, wearing apparel and leather industry. Under
Sections 17 and 16 of the BOI Act, 354 projects were
approved in 2006 with an investment commitment of
Rs.3,991.6 billion compared with 374 projects approved in
2005 with an investment commitment of Rs.79.5 billion.
There was also a local mega investment in the area of airline
services in 2006. The accumulated realised investments in
the BOI projects was Rs.468 billion and increased by 23.2
per cent in 2006 compared with Rs. 380 billion in 2005.
AFP reports, sourced to the Board of Investment, that Sri Lanka attracted USD 600 million in investment last year, of which USD 350 million was for the telecom industry. This clearly positions telecom as the largest in terms of foreign investment, but the quantum has to be calculated.
It will be helpful if readers from the Central Bank, BOI or elsewhere can shed more light on the actual figure. One expects this kind of fact to be easily accessible in the CBSL Annual Report or on the BOI website, but . . .. Anonymity is assured, but sources would be greatly appreciated.
If readers from other Asian countries wish to participate in discussions on investment in their own countries, we’d be happy to host separate threads on telecom investment by country. We have good data on India, Indonesia and Pakistan.
2 Comments
darshika
leather industry in sri lanka
samarajiva
Any evidence to support the claim it’s the leather industry?
Request For Proposals: Sri Lanka Educational Technology Survey
LIRNEasia is inviting proposals from qualified research organisations to develop a study on Sri Lanka’s Educational Technology (EdTech) landscape. The study aims to examine the current state of EdTech adoption, innovations, and the enabling and constraining factors across Sri Lanka’s education system, while assessing how educational decision-makers perceive and use EdTech and data systems.
Protecting Children Online: What is Missing from Sri Lanka’s Proposed Bill?
In an article published in the Daily FT on 30 June 2026, Attorney-at-Law and LIRNEasia Researcher Sachini Ranasinghe examines the Private Member’s Bill proposed by Opposition MP Faiszer Musthapha, which seeks to restrict social media access for children under the age of 16 in Sri Lanka. She argues that the key question is not whether children need stronger protection online, but whether Sri Lanka is proposing the right solution and has undertaken the groundwork necessary to make such legislation effective.
LIRNEasia leads new Asia Observatory on Responsible AI Innovations for Development
In February 2026, the Asia AI4D Observatory: A policy and innovation network on responsible artificial intelligence was launched with the support of the International Development Research Centre (IDRC) of Canada and the UK Foreign, Commonwealth & Development Office. LIRNEasia, East-West Management Institute, JustJobs Network, and EngageMedia, this three-year initiative will support Asia’s capacity to design, govern, and scale responsible (i.
Links
User Login
Themes
Social
Twitter
Facebook
RSS Feed
Contact
9A 1/1, Balcombe Place
Colombo 08
Sri Lanka
+94 (0)11 267 1160
+94 (0)11 267 5212
info [at] lirneasia [dot] net
Copyright © 2026 LIRNEasia
a regional ICT policy and regulation think tank active across the Asia Pacific