Sri Lanka’s BOI signs agreement to set up sea cucumber processing factory
Sri Lanka’s BOI signs agreement to set up sea cucumber processing factory

Sri Lanka’s BOI signs agreement to set up sea cucumber processing factory

Sri Lanka’s Board of Investment of Sri Lanka (BOI) has reportedly signed an agreement with Suganth Seafood (Pvt.) Ltd. to set up a sea cucumber processing factory in the country’s Jaffna peninsula targeting the export market.

The agreement was signed by BOI Chairman Susantha Ratnayake and Suganth Seafood Managing Director Suganthaseelan Aravinthan.

According to reports, the project has an initial investment of US$ 1.2 million.

Sea cucumber is harvested mainly in the northern and eastern sea belt by specially trained divers in the seabed and is then processed to the required dried stage in the state-of-the-art factory that is to be established in the Jaffna Peninsula, the BOI has stated.

Suganthaseelan has been quoted as saying: “We focus on strict adherence to government norms, eco-conscious methodologies, transparent business practices, and on-time delivery. The company intends to expand the business gradually, thus providing more job opportunities to the local communities and enhancing their livelihood.”

OSL take:

Sri Lanka’s geographical positioning in the Indian Ocean has made the country’s fisheries industry a sector with potential business/investment opportunities. Sri Lanka also enjoys preferential treatment for fisheries exports. The government of Sri Lanka is looking at exploiting the full potential of the country’s fisheries industry. Foreign businesses/investors could explore business/investment opportunities in Sri Lanka’s fisheries sector. 

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Article Code : VBS/AT/20200923/Z_1

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