Sri Lanka receives Rs. 11.5 billion investment to set up yacht manufacturing facility
Sri Lanka has received a Rs. 11.5 billion investment to set up a state of the art yacht building facility at the Hambantota International Port with Sea Horse Yachts (Pvt) Ltd. (SHY) entering into an agreement with the Hambantota International Port Group (HIPG).
The agreement was signed by Johnson Liu, CEO, HIPG and Ali Hussain Didi, President, Sea Horse Yachts (Pvt) Ltd.
According to a tweet posted by Sri Lanka’s Sports Minister Namal Rajapaksa on his official twitter handle, the proposed venture is expected to open up over 500 jobs in the local market along with an investment of US dollars million.
“Through the pandemic we must drive our economy forward,” the Minister has stated in his social media post.
The production process at the facility is set to commence by early 2022.
According to local media reports, SHY will be managed by a highly experienced team of experts from Sri Lanka, closely supported by British, European and South African innovators and designers.
The company is privately owned by boating enthusiasts from Maldives with extensive knowledge and experience in marine transportation and luxury yachting.
“We are rapidly moving to diversify the HIP’s industrial zone portfolio and at the same time widely promoting this location internationally. We provide on ground logistical and operational support for these new ventures so that they will be up and running in a short space of time. This is done under our new operational blueprint ‘HIPG Speed’,” Johnson Liu, CEO of HIPG has been quoted as saying in the local media.
Ali Hussain Didi, President of SHY has been quoted as saying, “Sri Lanka is uniquely positioned for this ambitious venture with its geographical location allowing for an optimal connection to the shipping routes allowing for ease in shipping and resourcing. We would also be at a competitive advantage because of the special incentives provided by the Board of Investments of Sri Lanka. The close support and investment security provided by HIPG and the cost of professional and skilled manpower in Sri Lanka cannot be over emphasized.”
OSL take:
Sri Lanka’s ongoing programme has attracted the attention of many foreign businesses/investors. With the country poised to become a business hub in the South Asian region given its geographical positioning in the Indian ocean and the many trade agreements as well as trade concessions enjoyed by the country, foreign businesses/investors are exploring business/investment opportunities in Sri Lanka. The economic expansion shown by Sri Lanka amidst the Covid 19 pandemic has also boosted the confidence of foreign businesses/investors on the island.
| Article Code : | VBS/AT/13082021/Z_8 |