Sri Lanka’s Eravur fabric park to commence operations next month
The proposed fabric park in Eravur by Sri Lanka’s Board of Investment (BOI) is set to commence operations in September 2021. The proposed zone has already secured its first investment project approximately valued at US$ 35 million, with additional investors already reserving land.
The zone, once operational, is to substitute a significant amount of fabric related imports which costs around US$ 2 billion.
The BOI has stated that it continues to strengthen its foundation and lead the orchestration in attracting market transforming foreign direct investments (FDIs) in order to realise the vision set out by the Government of Sri Lanka.
For “Country Attractiveness” to take place, the BOI recognises that the creation of a compelling investment climate, attracting targeted investments, providing potential investors with end-to-end investor support, and fostering and nurturing partnerships with key public and private stakeholders must take shape. Process monitoring, embracing technology, and of course, most importantly, developing the organisation and its people will form the focus of the agenda on “Revamping the BOI,” according to a news report in The Morning.
The BOI has also been able to secure projects worth over US$ 2.3 billion in value in 2020 despite the challenges of the global Covid 19 pandemic.
The BOI is currently focused on the establishment of two dedicated zones – a pharmaceutical manufacturing zone in Hambantota and the textile manufacturing zone in Eravur.
Sri Lankan authorities have been focused on driving the country’s development programme as well as to attract foreign direct investments to the country. Interestingly, despite challenges posed by the global Covid 19 pandemic, Sri Lanka has attracted many foreign investments to key economic areas with manufacturing and exports sectors being two such sectors. Sri Lanka’s manufacturing and exports sectors have shown a growth momentum despite the pandemic. The many trade agreements as well as trade concessions enjoyed by the country have also supported the growth of tje manufacturing and exports sectors. Foreign businesses/investors could therefore explore business/investment opportunities in Sri Lanka’s manufacturing and exports sectors.
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