Bingiriya Export Processing Zone to attract USD 63.69 Million
The Minister of International Trade, Malik Samarawickrama, recently met with representatives of six companies who expressed interest in starting operations in the Bingiriya Export Processing Zone. Nalin Bandara, Deputy Minister for Development Strategies and International Trade, Mangala Yapa, Chairman of Sri Lanka’s Investment Board, Mrs. Champika Malalgoda, Director-General and senior BOI officials supported the Minister. The meeting aimed to encourage the enterprises that committed or showed interest in investing in the Bingiriya Export Processing Zone when beginning their operations. The corporations that have expressed their interest to invest include:
- Vo-fone Development (Pvt) Ltd (Processing fruits for export-Chinese investment)
- Synergy Pharmaceutical Corporation (Pvt) Ltd (Pharmaceutical Manufacturing Plant – Sri Lanka Investment)
- Empire Feed Mills Pvt Ltd – (Feed mill to supply animal feed to the local market – Sri Lanka / Malaysia investment)
- Sanmic Food Pvt Ltd (Coconut Cream and milk for export-Sri Lanka investment)
- T S Global (Pvt) Ltd (Manufacture of PE Polythene) water pipes for the export market – South Korea/Sri Lanka Investment)
- Brandix Lanka Ltd (Apparel Manufacturing – Sri Lanka Investment).
Such funds are projected to have a total value of US$ 63.69 million. Issues related to these companies establishment and future operations were discussed at this meeting. The Ministry and BOI have been able to resolve bottlenecks that could hinder the activities of these companies. Ishan Jiffry, Vofone Development Company’s Factory Manager, said the Bingiriya Export Processing Zone allowed the company to expand their business, so every effort must be made to ensure rapid development of the Zone’s infrastructure.
Another businessman, Kim Tae Geun, president of TS Global Lanka Limited, from South Korea, said Sri Lanka’s manufacture of large PE pipes is essential for the country as these items must meet the highest international standard. TS Global is a private company that invests 3.9 million dollars in the Bingiriya Zone. They will employ 40 staff in the future; they plan to expand their operations.
At an earlier meeting in Kurunegala, Prime Minister Ranil Wickremesinghe said that the EPZ in Bingiriya would drive long-term and sustainable growth for the country and help future generations. The Development Strategies and International Trade Ministry also claimed that the EPZ would emerge as a mechanism to effectively leverage economic growth through industrial promotion and bring about much-needed economic transformation to the country.
OSL Take:
The primary objective of the Bingiriya EPZ is to draw FDI to uplift the manufacturing sector in the country. The products manufactured in the area, targeted at Sri Lanka’s export markets, will be of the highest quality and will make an essential contribution to strengthening the national economy. The area will be a major job creator as it creates manufacturing opportunities as well as technology transfer that will improve the country’s position on the development ladder.
| Article Code : | VBS/AT/16102019/Z_T1 |