Singapore’s Prima Group is to set up US$ 28 million food plant in Sri Lanka to expand process food business in the country
Ceylon Agro-Industries Ltd in Sri Lanka, which is a unit of Singapore based Prima Group, is reportedly setting up a US$ 28 million plant to expand their processed food business in the country and move into jams and sauces.
Sri Lanka’s Ministers of International Trade and Investment Malik Samarawickrema has been quoted in the media as telling the country’s parliament that US$ 1.34 billion US dollars of investments had been approved by the Board of Investment (BoI) of Sri Lanka up to April 2018.
According to reports, Ceylon Agro-Industries Ltd, produces Prima branded noodles, value added processed poultry products.
Prima Ceylon also sells wheat flour, oil and bakery products.
Related companies of the group, Ceylon Grain Elevators and Three Acre Farms are involved in feed milling, poultry breeding and meat processing.
OSL take:
The move by a subsidiary of the Singapore based Prima Group to expand its operations in Sri Lanka through an investment of US$ 28 million indicates the conducive business environment in the country. Also, the Group’s decision to expand its operations in the processed food business indicates the growing demand for processed food in Sri Lanka. These reports would undoubtedly increase the interest of foreign businesses/investors in Sri Lanka.
| Article Code : | VBS/AT/24052018/Z_4 |