Sri Lanka’s Board of Investment signs agreement to set up footwear manufacturing plant
Sri Lanka’s Board of Investment (BOI) has reportedly entered into an agreement with Concord Footwear Ltd., which is a new company under the Concord Group. The agreement will result in the setting up of a footwear manufacturing plant in the Ulapane Industrial Zone.
The agreement was signed by Board Members Dr. Harsha Cabral and Sanjay Kulatunga on behalf of the BOI and Concord Apparel were represented by the company’s Managing Director Prasanna Jayasinghe.
According to local media reports, the proposed footwear unit, through state-of-the-art technology, is to manufacture safety shoes for international markets.
Foreign expertise will initially be relied on for the manufacture of its shoe uppers until local capability is developed in the short term. The company thereafter aims to expand coverage to include operations for a complete footwear product range, local media reports added.
BOI Chairman Sanjaya Mohottala has been quoted in the local media saying, “As we congratulate Concord Group for their foray into footwear, we thank them for taking the initiative to capture significant potential in rural Sri Lanka and contribute to driving the Sri Lankan economy. With Sri Lanka’s availability of required raw materials in the island and a trainable and talented workforce across the country, we are confident that this will provide gainful opportunities for Concord and the social and environmental landscape it operates in.”
OSL take:
Sri Lanka’s BOI has signed many agreements related to local and foreign investments. The government of Sri Lanka is engaged in a global promotional campaign to boost the country’s business/investment opportunities among foreign businesses/investors. Sri Lanka’s geographical positioning in the Indian Ocean, the many trade agreements as well as concessions enjoyed by the country and the continuously improving ease of doing business environment in the country have made Sri Lanka an attractive business/investment destination. The economic resilience shown by Sri Lanka amidst the global Covid 19 pandemic and the ongoing development programme have all contributed to the island developing as an emerging business destination in the South Asian region. Given all this, foreign businesses/investors could explore the growing opportunities in Sri Lanka.
| Article Code : | VBS/AT/20211026/Z_6 |