Sri Lanka’s Board of Investment says country’s Northern Province benefited from foreign investments
The Board of Investment (BOI) in Sri Lanka has stated that the country’s Northern Province has benefited from foreign investments with increasing opportunities for investments.
The local media reports state that among the BOI investments there are currently six apparel manufacturers which represent an investment of Rs. 8,000 million and employ 7,917 workers. Another 15 projects in different sectors are also operational and represent investments of Rs. 16,293 million and provide employment to 837 workers in the Northern Province.
According to the BOI, two new projects are also awaiting commercial operation, five are awaiting implementation, two have been approved and awaiting the signing of agreement and another five projects are awaiting approval.
When all these 35 BOI projects in the North become operational, the total investment in the area is expected to be around Rs. 46,484.08 million, which will result in a cumulative total of 10,142 jobs, a local media report further stated.
The six operating apparel manufacturing plants are Omega Line Ltd in Rasinthinankulam (Vavuniya), Hirdaramani Fashion (Pvt) Ltd (Vavuniya), Hirdaramani Clothing (Pvt) Ltd Puthukkudiyiruppu (Mullaitivu), Timex Garments (Pvt) Ltd (Mannar), and MAS Active (Pvt) Ltd and MAS Intimates (Pvt) Ltd both in Killinochchi. The apparel manufacturing plants cumulatively employ 7,917 staff and represent an investment of US$65 million, the media report noted.
Also, a total of four existing hotel projects have reportedly been built in the Northern Province as BOI projects. The interest in tourism to the Northern Province, particularly to the Jaffna Peninsula has spurred the construction of hotels in the province in recent years.
According to reports, another project that is to be developed in the Mannar district will be involved in Aquaculture and most specifically the breeding of prawns. This project is a joint venture between Sri Lankan and New Zealand business interests.
In the area of power generation there are two new wind power projects.
OSL take:
The statement by Sri Lanka’s BOI is indicative of the opening of Sri Lanka’s Northern Province for the industrial sector. The number of industries that have already commenced operations in the area indicates that the region has the necessary infrastructure facilities to accommodate industrial operations. Foreign businesses exploring investment opportunities could look at setting up operations in the North. The Sri Lankan government is also looking at the development of the Palaly Airport in North to the level of a regional airport, which would facilitate connectivity with markets in the region.
| Article Code : | VBS/AT/06092018/Z_1 |