Opportunity Sri Lanka | » Sri Lanka’s Bingiriya Export Processing Zone attracts US$ 45 million worth investments
Sri Lanka’s Bingiriya Export Processing Zone attracts US$ 45 million worth investments

Sri Lanka’s Bingiriya Export Processing Zone attracts US$ 45 million worth investments

One of Sri Lanka’s largest Export Processing Zone (EPZ) in Bingiriya has reportedly attracted US$ 45 million worth investments for five ventures.

According to local media reports, the five ventures are two apparel factories with an investment of US$ 12.9 million, a fruit processing factory (US$ 1.4 million) an animal feed factory (US$ 14.29 million) and a pharmaceutical factory (US$ 16 million).
“Bingiriya zone will serve as a catalyst to economic transformation, development and modernisation. We have been able to attract US$ 44.59 million worth investments for the zone, where some of the factories have commenced constructing their manufacturing plants,” Sri Lanka’s State Minister of Aviation and Export Zones Development D.V. Chanaka has told the Daily FT.
He has said the government of Sri Lanka has allocated Rs. 150 million through the Vote on Account (VoA) to complete the infrastructure work within the next six months which includes; road development, water supply, drainage and electricity will be completed in the Bingiriya zone.
The State Minister has said he believed the EPZ will emerge as an instrument to effectively harness economic growth through industrial promotion and bring about much needed economic transformation.
“The products manufactured in the zone are targeted for Sri Lanka’s export markets and will be of the highest quality and contribute immensely towards strengthening the national economy. The zone will also be a significant generator of employment, as it will create manufacturing potential, transfer technology, which will boost the country’s position on the development ladder,” Chanaka has added.
He has further said that they will look into resolving bottlenecks that may delay any future operation of these companies. “We expect to introduce investor-friendly policies to attract fresh FDIs for the zones to bolster international trade,” the State Minister has noted.
Bingiriya EPZ was initiated after 15 long years and its development will be in three phases.
The first phase of the process will see the development of a 164-acre area, the second phase an additional 282 acres and in the third and final phase the estimated total land extent will be 1,200 acres.

OSL take:

Sri Lanka’s exports sector has shown a continuous growth this year. Sri Lanka’s geographical positioning in the Indian Ocean, ease of doing business environment and the many trade agreements as well as trade concessions enjoyed by the country have helped develop the country’s exports sector. The government of Sri Lanka has also introduced more incentives to the export sector. All this has resulted in the expansion of business/investment opportunities is Sri Lanka’s exports sector.  

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Article Code : VBS/AT/20200924/Z_1

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