India grants Rs.290 million to revive Karainagar boatyard in the Northern Province
The Morning: The Indian government is to allocate a sum of Rs. 290 million to renovate a dormant boatyard in Karainagar, which was last functional in 2008, Cey-Nor Foundation Chairperson Ajitha Edisirisinghe told The Daily Morning Business recently.
“The Rs. 290 million will be used to renovate the boatyard, and make it functional for boat repairs for the people of the North. We are looking to construct boats, offer repair and storage for boats,” Edirisinghe said.
From the tranche, the foundation is looking to purchase boat construction equipment such as boat hoists, slipways, and welding and fabrication tools.
According to Edisirisinghe, the signing off on the memorandum of understanding (MoU) between the governments will happen once the President visits India in the near future.
When asked why the boatyard had not been functional since 2008, Edisirisinghe said that he was not aware as to why the boatyard had not been revived sooner.
“The plans to renovate this have been long coming for three to four years and they have been drawn and prepared by the experts at Cey-Nor,” he asserted.
Cey-Nor Foundation Ltd. is a government-owned company that manufactures boats and marine equipment.
OSL take:
Sri Lanka’s expanding economic activities have created many business/investment opportunities covering key economic sectors covering all parts of the country. These opportunities are in many forms ranging from the development of infrastructure and supplementary infrastructure required by the relevant sectors in-line with the ongoing economic expansion. It is also important to note that some of the key development projects in key economic sectors like the above-mentioned renovation of the Karainagar boatyard have also received foreign funding including funding from foreign multilateral financial institutions making the engagement in development programmes more attractive for foreign businesses/investors. All these developments along with Sri Lanka’s target of becoming a hub in the South Asian region have further expanded the business/investment opportunities in the country while also increasing the business potential in the country’s overall economy. Sri Lanka’s geographical positioning in the Indian Ocean and the many trade agreements as well as trade concessions enjoyed by the country with many foreign countries have added to the country’s attraction as an emerging business destination. Foreign businesses could also look at engaging in Sri Lanka’s expanding business/investment opportunities through collaborations with local businesses.
Article Code : | VBS/AT/20241216/Z_5 |