Sri Lanka’s Board of Investment announces setting up of IV fluid manufacturing plant in Kandy Industrial Park
The Board of Investments (BOI) in Sri Lanka has stated that an intravenous (IV) fluids manufacturing plant is to be set up in the Kandy Industrial Park with an investment of at least US$ 12 million to serve the local and export markets.
The BOI has stated in a statement that it had signed an agreement for the project with Kelun Life Sciences (Private) Limited for the plant in the industrial park.
“The project will employ 110 workers. The investment value of the project is US$ 12-75 million of which US$ 9.5 will be foreign direct investment,” the statement has noted.
Kelun Life Sciences plans to manufacture injectables to supply to the Health Ministry of Sri Lanka, helping reduce shortages in the country, resulting in freshly manufactured stocks and also contributing towards import substitution, the statement has further noted.
OSL take:
The government of Sri Lanka has given prominence to investments in the health sector, especially to the pharmaceutical manufacturing sector. The announcement by Sri Lanka’s BOI of the setting up of an intravenous fluid manufacturing plant in the Kandy Industrial Park also indicates the opening up of investment opportunities in Sri Lanka’s health sector. The project also indicates the business confidence in the country that has pushed for investments to flow in to Sri Lanka. Foreign medical supplies companies could explore the growing health care market in Sri Lanka and invest in business programmes in the country while also using it as a base to penetrate other South Asian markets.
| Article Code : | VBS/AT/20181226/Z_4 |