Nestlé reaffirms commitment to Sri Lanka with fresh investment of over Rs. 2 billion2.
Daily FT: Nestlé Lanka recently reaffirmed its commitment towards Sri Lanka by investing over Rs. 2 billion in its state-of-the-art factory in Kurunegala by building a new Vacuum Band Dryer.
Aimed at expanding the capacity of its manufacturing facility for malted food, this investment further strengthens the company’s efforts of positively impacting Sri Lanka and its people.
The Company said over the last five years, the company has consistently invested in the country, amounting to over Rs. 6.6 billion.
First of its kind in the local Food and Beverage industry, the Swiss-designed Vacuum Band Dryer adopts the latest technology and helps the company deliver more of its much-loved brands – Nestlé Nestomalt and Nestlé Milo.
The ceremony to lay the foundation stone of the building which will house the new Vacuum Band Dryer was held at Nestlé Lanka’s Kurunegala factory. Industries and Plantations Minister Dr. Ramesh Pathirana; Swiss Ambassador to Sri Lanka and the Maldives Dominik Furgler, MP Anura Priyadarshanayapa and Board of Investment Director General Renuka Weerakone participated.
Addressing the ceremony Minister Pathirana said: “Economic prosperity is driven by investment which not only improves capacity, but also enhances people’s quality of life. Therefore, I consider it an honour to be present at this event today, as one of Sri Lanka’s leading companies announces an investment worth over Rs. 2 billion. I am also glad to note that this investment would ultimately increase the company’s export potential, as foreign exchange is imperative for economic growth at present.”
Parliamentarian Priyadarshanayapa said: “As a company with deep roots in the country for 115 long years, Nestlé Lanka has consistently invested in Sri Lanka with purpose. The trust the company has placed in the country’s potential is truly inspirational. I look forward to witnessing the positive ripple effect this investment will bring forth to our communities and the economy, in the years to come.”
BOI DG Weerakone said: “We are currently facing several economic volatilities, both short and long term, and the role played by capital investments is vital in supporting economic recovery and growth. Therefore, we appreciate Nestlé Lanka’s efforts in strengthening its investments in Sri Lanka, as it echoes a positive message about the potential of the country, encouraging further investments.”
Nestle Lanka Managing Director Jason Avanceña said: “Although this is a challenging time for all of us in Sri Lanka, we believe in the country’s resilience, potential and its future wholeheartedly. We reaffirm our commitment to Sri Lanka, and we will continue to invest in our facilities and bring top Swiss-designed technology to cater to the different needs of our consumers in Sri Lanka. On behalf of Nestlé Lanka, it is a great pride for me to announce this investment and expansion of our malted food category.”
“This investment is testament to our unwavering commitment towards the country and cements our deep roots with Sri Lankans for over 115 years. We hope to positively contribute to our consumers and communities through this investment, by increasing the production capacity of two of our biggest brands – Nestlé Nestomalt and Milo.
“We are also happy to share with you that this investment would also allow us to explore the opportunity of expanding our exports to several new markets, beyond the 50 countries we are currently serving, helping us contribute to the generation of foreign currency inflow,” the Managing Director added.
OSL take:
The fresh investment by Nestlé Lanka is due to the expanding economic activities in Sri Lanka as well as the growing business potential in the country. There is a growing interest in Sri Lanka among foreign businesses/investors given the country’s geographical positioning in the Indian Ocean and the many trade agreements as well as trade concessions enjoyed by the country as well as the overall economic resilience shown by Sri Lanka’s private sector even amidst challenging economic conditions. Given the expanding economic activities and growing business potential, foreign businesses/investors could confidently explore the business/investment opportunities in Sri Lanka.
| Article Code : | VBS/AT/29122022/AT_4 |