Swiss manufacturer of coils and electronics considering setting up a production plant in Sri Lanka

Swiss manufacturer of coils and electronics considering setting up a production plant in Sri Lanka

Sri Lanka’s Board of Investments (BOI) has reportedly stated that a Swiss manufacturer of coils and electronics, KUK Electronic AG is looking at setting up a production plant in Sri Lanka.
According to a BOI statement, Manuel Inauen, Head of Business Development of KUK Electronics AG, has held talks with Sri Lanka’s Minister of Development Strategies and International Trade, Malik Samarawickrema.
“The Swiss company was interested in the possibility of setting up a manufacturing plant in Sri Lanka with the objective of exporting their products,” the statement has said.
According to reports, KUK Electronic AG, established in 1990 in Appenzell, Switzerland, operates production facilities in China, Slovakia, France, The Netherlands and Germany.
The visit of KUK Electronics is a direct result of lobbying by the BOI with the help of Swiss investors already operating in the island, the BOI has further noted.
The BOI Reinvestment Team comprising of Duminda Ariyasinghe, Director General of the BOI and Mahinda Ramanayake – Executive Director (Investor Services) had visited Switzerland in September last year.
This visit was organized by another Swiss company, already established in Sri Lanka, Contrinex Ceylon (Pvt) Ltd., the BOI has added.
KUK Electronic AG’s annual production includes the manufacture of over 200 million coils, over 1 million printed circuit boards and over 250,000 modules.

OSL take:

The plan by the Swiss company, KUK Electronic AG to set up a production plant in Sri Lanka is in line with the growing levels of business confidence in the island nation. KUK Electronic already has facilities in several foreign countries and the interest in setting up business in Sri Lanka sends a message to the foreign business community that Sri Lanka provides ideal facilities in the industrial sector to set up operations in the South Asian nation.

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Article Code : VBS/AT/20180613/Z_4

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