Sri Lankan government commences construction work on country’s largest export processing zone
Sri Lanka’s Prime Minister Ranil Wickremesinghe has launched the construction work on the country’s largest export processing zone (EPZ) in Bingiriya.
According to reports, it will be the first EPZ to be initiated in 15 years.
The Bingiriya EPZ is located on a 12,000 acre site and will be developed in three stages. The first phase will focus on 164 acres to house 25 enterprises.
The second phase will span 282 acres, followed by a third phase, which will develop the remainder of the space.
Sri Lanka’s Deputy Strategic Development and International Trade Minister Nalin Bandara has been quoted in the local media as saying the zone, once fully developed in an estimated eight to 12 years, will generate 75,000 jobs.
OSL take:
The Sri Lankan government has continuously promoted foreign investments to the country through various sectors. Export processing zones are one such sector that has attracted many foreign investments to the country. Given Sri Lanka’s geographical location in the Indian Ocean region and the many trade agreements as well as trade concessions enjoyed by the country, Sri Lanka would definitely be a business/investment hot spot in South Asia.
| Article Code : | VBS/AT/11032019/Z_1 |