The Board of Investment of Sri Lanka recently signed four agreements for projects covering a wide range of sectors. The agreements was signed on behalf of the BOI by Mr. Hemasiri Fernando, Chairman of the Board of Investment of Sri Lanka with the investors of the various enterprises.
The first of this agreement was First Steps Babywear Lanka (Private) Ltd which will be setting up a manufacturing plant with to produce garments and other textile products for the export market. This company will be producing products in a highly specialized segment of the apparel sector, namely baby wear. The project will be located in Modarawila Industrial Estate, Panadura and will create employment for 20 staff. The company represents a total investment of US$ 3.5 million. Ms. Priyanga Rajakaruna and the Company Secretary signed the Agreement on behalf of the Company.
Another BOI project that was signed recently was with W U S Logistics (Pvt) Ltd, to set up a logistics city which will include Warehousing facilities, Cold Room facilities, Inhouse value addition and multi country consolidation services and an Auditorium, Business Communication Center, Exhibition Center, Logistic Education Center and a Research & Development facility. This project will be located in Negombo and will create 402 new employment opportunities. The total value of investment is Rs.8,900 million.
The Agreement was signed on behalf of W U S Logistics (Pvt) Ltd by two of its Directors, Mr. Wijitha U Seneviratne and Mr. Sujith L Seneviratne.
Another important project that was signed recently was by J C Biotech (Pvt) Ltd to produce tissue culture for ornamental plants for the export market. This project which will be located in Welimada will create 20 new employment opportunities and represent an investment of US$ 500,000.
The Agreement was signed on behalf of the Company by Mr. Gayan V Weerakkody and Mr. J K M B Jayawardhana.
The fourth Project signed was by Y C G Packaging (Pvt) Ltd for a plant that will manufacture garment accessories including hand tags, price tickets, over riders bands, body card, colour bands, body bands, label PVC, satin labels, size labels, booklets and packaging boxes to name few. This company will be located at Gangarama Mawatha, Mattakkuliya, Colombo 15. It will create 71 new employment opportunities and represents 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 and others. The Agreement was signed on behalf of Y C G Packaging (Pvt) Ltd by Mr. Mohamed Hafeez Gulam Hussein.
As the investment promotion agency of the Government of Sri Lanka, the BOI actively promotes investment in Sri Lanka and particularly Foreign Direct Investment. The Project started under the BOI has brought into SriLanka’s economy,valuable foreign exchange and capital and created new employment opportunities for young people, mostly 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.