The study analyzes trends and patterns of Foreign Direct Investment (FDI) into Sri Lanka over the last one and half decades, in the manufacturing sector. Trends and patterns are analyzed using firm level data from the Board of Investment (BOI) for the years 2002, 2009, and 2016. The composition of firms, their entry and exit patterns, and ease of doing business are some of the firm-level factors analyzed, in an effort to understand the overall FDI policy environment and investment climate in Sri Lanka.