Sri Lanka’s Eastern Province to get 200 acre textile industrial park

Sri Lanka’s Eastern Province to get 200 acre textile industrial park

The Board of Investment (BOI) of Sri Lanka has received a 200 acre plot of land at Punnakkudha in the Chenkalady region in the country’s Eastern Province after being surveyed for the construction of Textile Industrial Park.
The formalities have reportedly taken place at the Batticaloa District Secretariat recently in the presence of Sri Lanka’s State Minister of Rural Areas Development and Promotion of Domestic Animal Husbandry and Minor Economic Crop Cultivation Sathasivam Viyalendran , Batticaloa Government Agent K. Karunagaran, Deputy Director BOI Sri Lanka S. Satkunalingam, Director of Land Reform Commission Batticaloa and Trincomalee N. Vimalraj and Administration Chief of the LRC, Batticaloa S. Surendar.
Through this project four foreign investors are expected to start apparel factories by which 8,000 youth in the Batticaloa district are expected to obtain employment while many more are to benefit indirectly, the Daily News has stated.
Apart from employment opportunities the project will also uplift the economic standards of the district.

OSL take:

Sri Lanka’s apparel exports sector is a key revenue generators to the country. The many trade agreements as well as trade concessions enjoyed by the country have also helped boost Sri Lanka’s apparel exports sector. The government of Sri Lanka is also committed to improving and uplifting the country’s apparel sector by offering lands and incentive programmes. Sri Lanka’s geographical positioning in the Indian Ocean has also helped the island’s exports industry. Foreign businesses/investors could therefore explore business/investment opportunities in Sri Lanka’s apparel and exports sectors.

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Article Code : VBS/AT/20210218/Z_3

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