South Korean investor in Sri Lanka expanding its packaging manufacturing operations
Sri Lanka’s state investment promotions agency, the Board of Investment (BOI) has said that a South Korean investor making labels and hand tags in Sri Lanka is expanding its packaging manufacturing operations.
The BOI has stated it has signed recently a supplementary agreement with J and D Venture (Pvt) Limited to expand their operations.
The investors had initially invested in the island as Da-Sung Industrial (Pvt) Limited and Jin-Sung Industrial (Pvt) Limited in 1993, the BOI has stated.
“They were pioneers of manufacturing woven labels in Sri Lanka. As operations started to grow, they invested in several other BOI projects manufacturing hand-tags, screen printing and embroidery garments,” a statement by the BOI has noted.
Under the BOI’s new agreement with J and D Venture (Pvt) Limited, the company is to manufacture packing and display items made of printed and unprinted value-added die-cut corrugated cartons.
“They will also manufacture garment accessories such as stickers and body cards for export at their existing plant which is located in Katuwawala, Boralesgamuwa,” the statement has further noted.
According to the BOI, the global paper packaging market is estimated to reach US$ 383.94 billion by 2025, with growing consumer awareness for sustainable packaging and increasing environmental concerns factors favouring growth.
“Many countries are pushing for paper packaging products over plastic packaging, which poses a significant threat to the environment,” the BOI has added.
OSL take:
The decision by a South Korean investor to expand his existing business in Sri Lanka is testament to Sri Lanka’s business conducive economic policies and the space for growth. Many foreign businesses that have set up businesses in Sri Lanka have expanded their businesses in the country and have also used the country’s many trade agreements as well as trade concessions to reach out to other foreign markets. Therefore, foreign businesses/investors could explore business/investment opportunities in Sri Lanka.
| Article Code : | VBS/AT/28062019/Z_7 |