Haycarb to set up activated carbon plant in Philippines with $ 8 million initial investment
Daily FT: Haycarb PLC is to set up an activated carbon plan in the Philippines with an initial investment of $ 8 million.
In a disclosure to the Colombo Stock Exchange, Haycarb said that fully owned subsidiary Haycarb Philippines Corporation has obtained approval from the Board of Investments (BOI) of the Philippines to establish an activated carbon manufacturing facility in Cagayan de Oro, Philippines.
“The estimated investment for Phase I of the project, expected to be completed by June 2026, is approximately $ 8 million,” Haycarb said.
“This project, with plans for further expansions in the next 5 to 6 years, expanding Haycarb’s global manufacturing footprint, aligns with its growth strategy, enabling the company to effectively meet the increasing demand and strengthen its presence in the international market,” Haycarb added.
OSL take:
Sri Lanka’s private sector businesses have shown a steady growth although the country had faced an unprecedented economic crisis just two years ago. The strength, growth and resilience of Sri Lankan businesses as well as the overall economy serves as a confidence booster for foreign businesses/investors to explore the expanding business/investment opportunities in the country. Local businesses also present excellent opportunities for foreign businesses/investors to form business collaborations that could help with expanding operations locally and internationally. Sri Lanka’s geographical positioning in the Indian Ocean, the many trade agreements as well as trade concessions enjoyed by the country with many foreign countries and the country’s target of becoming a hub in South Asia have all increased the country’s attraction as an emerging business destination. It is in such a backdrop that a Sri Lankan business is looking at investing in a manufacturing plant in Thailand. It is a clear indication of the growth and expansion of local businesses as well as the strong ties enjoyed by Sri Lanka with other countries. Foreign businesses/investors could explore the expanding opportunities in Sri Lanka as well as look at forming partnerships or joint ventures with local businesses to expand operations locally and internationally using the preferential treatment enjoyed by Sri Lanka with many foreign countries.
| Article Code : | VBS/AT/20241216/Z_2 |