Sri Lanka’s BOI signs deal for new US$ 8.4 million tile manufacturing venture
Daily FT: The Board of Investment (BOI) has recently entered into an agreement with TPS Ceramic Industries, to set up a project to manufacture double firing wall tiles and single firing floor tiles for the local market.
The agreement was signed by BOI Chairman Raja Edirisuriya and T P S Ceramic Industries Directors Praveen Fernando and Prasham Peiris.
The project will commence with an initial investment of US$ 8.4 million and will establish its manufacturing facility in Baduraliya in Kalutara District. It is set to be operational in one year from the date of the agreement.
TPS is the latest enterprise of the Puwakaramba Group’s management. Puwakaramba Group was one of the leading importers of wall and floor tiles to cater the local market demand before the pandemic situation.
Due to COVID-19 pandemic and the Government’s policies to encourage local entrepreneurs, it was decided by the TPS to locally manufacture some of the high demand products including wall and floor ceramic tiles. The company goal is to adapt with the changes and adhere to the global trends, while upskilling the rural talent and providing meaningful employment to the people in the area.
OSL take:
Sri Lanka’s construction industry has seen a growth despite the Covid 19 pandemic in the last few years, especially due to the country’s ongoing development programme. Many business/investment opportunities have been opened up due to the development programme as well. Sri Lanka is working towards becoming a business destination in the South Asian region and the country’s geographical positioning in the Indian Ocean, the many trade agreements and concessions enjoyed by the country as well as the ease of doing business environment have all helped in the endevour. There has been an expansion in many businesses in the country during the past few years with some companies in the private sector even venturing into overseas markets. There is currently an increased interest in Sri Lanka among foreign businesses/investors looking at the growing opportunities in the country. The amount of investments drawn by Sri Lanka’s BOI even amidst challenges posed by the pandemic is testament to this fact.
| Article Code : | VBS/AT/04032022/Z_2 |