Sri Lanka green-lights lease agreement for Oluwil Fish Processing Unit
Daily FT: The Cabinet of Ministers approved the leasing of the fish processing unit nestled within the Oluwil Ports Complex to TES Company Ltd., for 10 years.
The agreement is contingent upon the stipulated monthly rent, as per the recommendations of the Cabinet appointed negotiation committee.
The Cabinet has previously given approval to reactivate the unused fish processing plant in the Oluwil Fishing Port premises and provide facilities to the TES Company to run fish processing activities.
“As the lease agreement takes effect, stakeholders in the fisheries industry are poised to witness a new beginning, unlocking new opportunities and fortifying the sector’s contribution to the local economy,” Cabinet Co-Spokesman and Minister Bandula Gunawardena said at a recent post-Cabinet meeting.
The partnership between the Government and TES Company is anticipated to infuse vitality into fish processing activities, fostering economic growth and prosperity in the region.
OSL take:
Sri Lanka’s fisheries sector is an industry that is yet to be fully harnessed. Given that Sri Lanka is an island with rich fisheries resources, the industry has the potential of presenting many business/investment opportunities. Apart from the country’s geographical positioning in the Indian Ocean and the many trade agreements as well as trade concessions enjoyed by the country also support Sri Lanka’s fisheries industry. With the overall expansion of economic activities in the country, the fisheries industry is also witnessing the need for further expansion to be on par with the global trends. Therefore, there are many areas within the fisheries industry that are in need of infrastructure facilities as well as supplementary infrastructure facilities required by the expanding industry. The growth and business potential in Sri Lanka’s fisheries industry would undoubtedly present new business/investment opportunities for foreign businesses/investors.
| Article Code : | VBS/AT/20231016/Z_1 |