COLOMBO, Feb. 13 (Xinhua) -- Sri Lanka's Board of Investment (BOI) said on Friday it will fast-track approvals for foreign investment applications worth over one billion U.S. dollars in the mineral resources sector, as the country implements new regulations under the cabinet-approved National Mineral Policy.

People are seen near the sea in Colombo, capital of Sri Lanka, March 29, 2024. (Photo: Xinhua)

The BOI said it has received investment requests totaling about 1 billion U.S. dollars from 14 foreign investors focused on the mineral sands industry.

The projects cover mineral exploration, processing and value addition, supporting Sri Lanka's push to expand its industrial base as the economy recovers, according to the BOI.