Sri Lanka’s Ceylon Steel and Onyx group to set up cement grinding plant in Hambantota
An official of the government of Sri Lanka has said that Ceylon Steel and Onyx group is investing US$ 75 million to set up a cement grinding plant in Mirijjawila in the country’s Southern Province Hambantota.
Technical Advisor to Sri Lanka’s Ministry of International Trade and Investment, Mangala Yapa has reportedly said the plant when completed in 18 months would have an annual capacity of 3.6 million metric tonnes.
According to reports, Sri Lanka has an annual cement demand of about 8.5 million metric tonnes of which about 2.8 million tonnes are produced domestically.
Director General of Sri Lanka’s investment promotions agency the Board of Investment (BOI) Champika Malalgoda has told journalists that no import protection had been promised to the investor.
Ceylon Steel, the main investor of the new cement plant is now protected by high anti-competitive import duties, so that the firm can make easy profits by restricting competition, the local media has reported.
OSL take:
The investment in a cement grinding plant in Sri Lanka’s Southern Province is yet another indication of the growing investment opportunities in the country. Sri Lanka’s development drive has created many investment opportunities and foreign businesses/investors could explore business/investment opportunities in the island nation.
| Article Code : | VBS/AT/22032019/Z_1 |