The BOI has played a major role in strengthening the economy of the Trincomalee District with a view of implementing the Government’s policy to develop regional industrialization. With its large natural harbour, Trincomalee offers considerable opportunities to attract FDI. In 2017 the cumulative value of investment was Rs 22,150 million.
There are currently five projects in the Trincomalee District which are awaiting implementation, with an estimated value of Rs. 13,804 million. These projects will generate an additional 634 new employment opportunities.
In the past, the Trincomalee had suffered as a result of the internal conflict faced by the country. Economic development generated by investment has fostered and brought about transformations which have positively affected the lives of those living there.
The main advantages that Trincomalee can offer investments are diversity, which means that a variety of economic activities can be developed.
Currently there are six projects involved in manufacturing areas such as grains and flour, cement and salt production and garments. Other sectors with potential for generating export revenue include IT and fish and aquaculture.
In addition there are currently 17 BOI projects in Trincomalee of which seven are tourism related. The project include Anilana Hotels and Properties Ltd., Jungle Beach Resort (Pvt) Ltd, Lotus Park Hotel (Pvt) Ltd., River View Palm Hotel (Pvt) Ltd., Sea Lotus Park Hotel (Pvt) Ltd., Trinco Holiday Resorts (Pvt) Ltd and Trinco Beach Hotel (Pvt) Ltd.
“It is therefore the strategic objective of the Government of Sri Lanka to reposition Trincomalee as the tourism hub of the Eastern Province. BOI has played an important part in developing this sector,” an official from BOI said.
Examples of these include Cinec Skills (Pvt) Ltd (IT), Aqua N Green Ltd (Aquaulture) and Oceanpick (Pvt) Ltd (Aquaculture).
BOI enterprises are also very significant employers in Trincomalee, generating 2,606 employment opportunities for local residents. Among these are 1,280 female employees working with BOI enterprises in the Trincomalee district. This reflects a healthy gender balance among BOI enterprises in the district.
Trincomalee is in fact rich with skilled and unskilled workers and there are many opportunities to set up enterprises in the district utilizing these human resources. The development in Trincomalee reflects the current commitment on the part of the Board of Investment of Sri Lanka and Ministry of Development Strategies and International Trade to promote development through investment, notably FDI in outlying areas, particularly those which have undergone difficulties due to the country’s internal conflict and natural disasters such as the past tsunami.
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