North Sails Sri Lanka to further invest in country setting up two more factories
North Sails Sri Lanka, which is one of the world’s largest Boat Sails manufacturers, has reportedly decided to increase investments in Sri Lanka by setting up two more factories in the Biyagama BOI Zone at a cost of US$ 7 million.
The company aims to increase production to meet their global demand.
In an interview with the state owned English daily, Daily News, the CEO of North Sails, Larry McDonald based in UK, who was on a brief visit to Sri Lanka, has said that the decision to further invest was made after the Easter bomb blasts.
He has noted that the blasts nor the current political situation in Sri Lanka had any negative affects in their business plans. “For us, Sri Lanka has one of the best skilled work force and investment climate and assistance from the Board of Investment for FDI is very good. These were the factors that prompted us to reinvest.”
North Sails has seven factories in USA, UK, New Zealand, Spain, France, South Africa, Argentina and Japan and all those countries have faced similar incidents such as the Easter blasts that happened in Sri Lanka.
“Each time when an incident such as this happens, it’s our policy not to run away, but to stay put and protect the interest of our employees, while secondly, stay on and support that country,” McDonald has said.
North Sails which was set up 22 years ago, currently employees over 1, 200 in Biyagama, making it the largest operation in the group.
The two new factories to be opened by September 2019, would add 200 more jobs.
He has added that Sri Lanka is still one of the best countries to invest, due to incentives and encouragement provided by the Board of Investment (BOI) of Sri Lanka and the skilled workforce.
OSL take:
The expansion of North Sails Sri Lanka’s operations in Sri Lanka is a clear indication of the strength and growth of foreign businesses in the island. The constantly improving ease of doing business environment in the country along with its geographical positioning in the Indian Ocean supported by the many trade agreements as well as trade concessions enjoyed by Sri Lanka, makes it an ideal business/investment destination for discerning foreign businesses/investors.
| Article Code : | VBS/AT/28062019/Z_4 |