Despite the government’s claims of promoting foreign direct investment (FDI), foreign investment commitments dropped significantly in the past fiscal year. According to statistics from the Department of Industry (DoI), foreign investment commitments for the fiscal year 2022/23 have decreased by over Rs 21 billion compared to the previous year 2021/22.
In the fiscal year 2022/23, foreign investment commitments reached Rs 33.14 billion, while in the previous year 2021/22, it stood at Rs 54.15 billion. Last year, a total of 327 foreign investment approvals were granted, promising the creation of 17,012 jobs.
Foreign investors have secured approvals in various sectors, including services, tourism, information technology, agriculture, forest-based industries, and manufacturing. These foreign investors have been permitted by the DoI to establish businesses ranging from small to large industries by registering their companies with the Registrar of Companies.
For the first three months of the current fiscal year, 151 industries have pledged an investment of Rs 16.6 billion through foreign direct investment. In the month of Asoj (mid-September to mid-October), 40 industries alone expressed commitments to invest Rs 1.98 billion.
In total, 322 industries were registered in the fiscal year 2022/23, with investment commitments amounting to Rs 214 billion from both domestic and foreign investors. Moreover, these investments are expected to create 23,324 jobs. The manufacturing sector saw 114 industries registered in the last fiscal year, with an investment commitment of Rs 41.95 billion and expected employment for 10,102 individuals.
In the tourism sector, 67 new industries were registered, promising investment commitments of Rs 25.27 billion and the creation of 5,037 jobs. Additionally, 66 new industries registered in the service sector, committing Rs 30.82 billion and providing employment for 4,199 people.
The energy sector also witnessed growth with 45 new industries registering, pledging an investment of Rs 1.12 trillion and generating 2,221 jobs. The information technology sector saw 16 industries registered, with commitments to invest Rs 10.72 billion and create 896 jobs.
In the agriculture and forestry sector, 10 industries were registered with commitments to invest Rs 1.67 billion. In the construction sector, one industry was registered, with an investment commitment of Rs 133 million.
The registered industries include 66 large industries, 70 medium-sized industries, and 186 small industries. In addition, five companies registered patents, 18 registered designs, and 3,254 registered trademarks. The department also handled 82 preliminary environmental tests and has 150 cases related to trademarks.
