Sri Lankan government to set up 200-acre investment zone for pharmaceutical manufacturing
The government of Sri Lanka decided to set up a special 200-acre investment zone for pharmaceutical manufacturing within the Arabokka estate in the country’s Deep South district of Hambantota. The zone is to be open to 20 local companies.
The move comes after the country’s Presidential Task Force for Economic Revival and Eradication of Poverty headed by former Minister Basil Rajapaksa identified the pharmaceutical manufacturing industry as a sector that could attract Foreign Direct Investments (FDI) as well as retain precious foreign exchange.
According to the Daily FT, it has been planned to establish a special pharmaceutical manufacturing zone with modern facilities, within an extent of 400 acres of the Arabokka estate in Hambantota to enable leading pharmaceutical companies both locally and globally to invest.
“Cabinet has also declared it as a strategic development project, paving the way for the Government to provide additional relief and encouragement for investors to step forward and invest in this pharmaceutical manufacturing zone,” Sri Lanka’s Government Information Department has said.
The Cabinet of Ministers has accordingly approved the proposal submitted by Sri Lanka’s Minister of Health Pavithradevi Wanniarachchi for the establishment of 20 pharmaceutical manufacturing companies within 200 acres as the first phase of this project.
In the second phase, a further 20 pharmaceutical manufacturing companies within 200 more acres will be set up.
Sri Lanka’s Board of Investment (BOI) is to furnish necessary infrastructure facilities to the zone.
The government of Sri Lanka is committed to uplifting the country’s pharmaceutical manufacturing sector. In order to attract foreign investments to the sector, health authorities have introduced incentive schemes and other facilities to foreign businesses looking at investing in the sector. Sri Lanka’s geographical positioning in the Indian Ocean and the many trade agreements as well as trade concessions enjoyed by the country have given Sri Lankan exports an edge in the international markets. Therefore foreign businesses/investors could confidently explore business/investment opportunities in Sri Lanka’s pharmaceutical manufacturing sector.
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