Sri Lanka’s Kandy Industrial Park contributes US$ 93 million worth of direct exports earnings in 2017
The Kandy Industrial Park under the purview of Sri Lanka’s Board of Investments (BOI) has reportedly emerged as a major economic center in the Central Province and has contributed US$ 93 million worth of direct exports earnings in 2017. The zone has also contributed an additional US$ 3 million in indirect exports.
According to reports, currently 26 enterprises are located at the Industrial Park, and the main sectors represented include the manufacture of garments, pharmaceuticals, cosmetics, panel boards and agro-processing.
Reports further noted that among the enterprises located at the Kandy Industrial Park is Celogen Lanka Pvt Ltd which has recently built a US$ 6.6 million plant at Pallekelle. This BOI project is a joint venture between Sri Lanka and India.
Celogen’s pharmaceutical plant manufactures a wide range of medical tablets including metformin, Losartan potassium and Atorvastatin capsules.
The Industrial Park became operational in 1995 and its total extent is of 207 acres, of which 85 acres are dedicated to industrial use.
However, a total of 75.5 acres of land in the industrial area are already utilized and productive. The working population in the Industrial Park currently stands at 8,506 of which 71% are women.
OSL take:
The high export earnings recorded by the Kandy Industrial Park is yet another indication of the successful businesses conducted by the industrial parks under the purview of the BOI. Foreign businesses/investors looking at investing in Sri Lanka could look at setting up business ventures in the industrial parks located in many parts of the country. The benefits of Sri Lanka’s trade treaties with many foreign countries as well as trade concessions to the US and EU could be utilized by such businesses when carrying out their businesses from the island nation.
Article Code : | VBS/AT/27042018/Z_4 |