Despite the ongoing political issues the Board of Investment of Sri Lanka recently signed four agreements stamping investor confidence to the value of over Rs. 8 billion for projects covering a wide range of sectors.
The agreements were signed on behalf of the Chairman BOI Hemasiri Fernando and the four projects would create over 500 employment opportunities in the Apparel, Logistics, Tissue Culture and Packaging Sectors.
W U S Logistics (Pvt) Ltd, signed an agreement to set up a logistics city which will include warehousing facilities, cold room facilities, In house value addition and multi country consolidation services and auditorium, business communication center, exhibitions center, logistic education center and research & development facility. This project will be located in Negombo and will create 402 new employment opportunities. The total value of investment is Rs.8.9 billion.
The agreement was signed on behalf of W U S Logistics by two of its Directors, Wijitha U Seneviratne and Sujith L Seneviratne.
First Steps Babywear Lanka (Private) Ltd will be setting up a manufacturing plant to produce garments and other textile products for the export market and will be manufacturing highly specialized baby wear. The project will be located in Modarawila Industrial Estate, Panadura will create 20 employment opportunities and will see an investment of US$ 3.5 million.
Another important project that was signed recently was with J C Biotech (Pvt) Ltd to produce tissue culture for ornamental plants for the export market. This project will be located in Welimada and will create 20 new employment opportunities. J C Biotech will invest US$ 500,000 for the project.
The fourth Project signed was with Y C G Packaging (Pvt) Ltd for a plant that will manufacture garment accessories. These includes, hand tags, price tickets, over riders bands, body card, colour bands, body bands, label PVC, satin labels, size labels, booklets and packaging boxes.
This company located at Gangarama Mawatha, Colombo 15 while providing 77 jobs will see an investment of US$ 7.6 million. The Products of this Company will be used by some of the leading apparel manufacturers and exporters in Sri Lanka including Brandix, MAS, Hirdaramani.
Project started under the BOI have brought into the economy foreign exchange and capital and created new employment opportunities for young people, often in new and cutting edge industries. In addition Sri Lanka’s exports have been boosted as a result of technological transfers that have also strengthened diversified the country’s economic base.
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