Bingiriya investment zone to generate $ 2.6 billion export income
The Morning: The completion of the Bingiriya Investment Zone is estimated to generate an export income of $ 2.6 billion and create 75,000 job opportunities, stated President Ranil Wickremesinghe during the inauguration ceremony of the second and third phases of the Export Processing Zone in Bingiriya.
He emphasised that efforts are underway to create new investment zones to further bolster the export economy of the country while opening the newly constructed Dongxia Industrial & Commerce Co. Ltd. in the Bingiriya Export Processing Zone.
Following the tour, the President held discussions with officials from the Board of Investment (BOI), the Urban Development Authority (UDA), investors, and entrepreneurs. He has instructed officials to take steps to develop the areas of Bingiriya, Dummalasuriya, and Madampe to metropolitan standards, alongside the development of infrastructure in the export processing zone.
Moreover, plans for developing Bingiriya into a major economic region include areas such as agriculture, the manufacturing industry, information technology, tourism, and the fishing industry. The President highlighted that a robust economy can be established by enhancing the export economy, manufacturing, tourism, technology sectors, and modern agriculture.
OSL take:
Sri Lanka’s manufacturing and exports sectors have shown a steady growth through the years, even amidst the economic crisis faced by the country in the past few years. The exports sector is one of the key revenue generators for the country. In a bid to further increase revenue generated by Sri Lanka’s exports sector, the Sri Lankan government has taken several initiatives that range from incentive schemes to attract more foreign investments, set up dedicated investment zones and further strengthen the country’s trade ties with foreign countries. All these indicate the overall expansion of the country’s manufacturing and exports sectors. With Sri Lanka’s overall economic expansion and the target of becoming a regional hub, the business/investment opportunities in Sri Lanka would provide lucrative opportunities for foreign businesses/investors. Given the growth and profits of local businesses engaged in the manufacturing and exports sectors, foreign businesses/investors could confidently explore the business/investment opportunities in these sectors. Foreign businesses could also look at forming local collaborations to further expand operations in the manufacturing and exports sectors.