BOI signs 16 new agreements in first 2 months of 2016

Monday, 4 April 2016 00:11 -     - {{hitsCtrl.values.hits}}

The Board of Investment (BOI) has signed agreements for 16 new projects in the first two months of this year. 

The BOI said the 16 agreements signed by its Chairman Upul Jayasuriya represent a cumulative future investment of $ 110 million. These projects cover a wide range of sectors and will be generating an estimated 1250 new direct employment opportunities. Some of the projects signed included: 

Mini Hydro Power projects to boost energy capacity

A key area of investment is in power generation as it enhances the capacity of the country. Five new agreements have been signed in January / February 2016 to set up Mini Hydro power projects in Ratnapura, Haldummulla, Matale and HaliEla area. 

The total value of these investments is $ 18 million. The electricity generated by these mini power plants will be supplied to the National Grid and will help to meet the growing electricity demand in the country. Euro Lanka Energies Ltd, MeunexNahalwathura Hydropower Ltd, Lower Lemastota Hydropower Ltd, Escas Digital Ltd and Bambarapana Hydropower Ltd have obtained BOI investment approvals for Mini Hydro power plant projects.

New Hotel projects for a rapidly growing industry

Tourism is an industry that is experiencing a rapid growth; hence new projects in tourism strengthen a sector where Sri Lanka already has a strong competitive advantage. Wild Coast Lodge Ltd signed an agreement to set up a 28 roomed boutique hotel in Palatupana, Yala. Dodunduwa Watta Ltd signed an agreement to set up a 64 roomed hotel in Palalla, Weligama. These two new hotel projects will help the Government to achieve its target to build 75,000 rooms to cater to 4 million tourist arrivals by 2020. 

New apartment complexes to boost Colombo’s housing capacity

As Colombo develops further the demand for apartments will correspondingly increase. Hence two agreements have been signed to set up new apartment complexes. Both Superlative Properties Ltd and Mulberry Holdings Ltd will set up new housing complexes in Colombo. The estimated value of investment is $ 14 Million

Garment manufacturing projects

The textile and garment sector is a strategic industry that contributes $ 4 billion in exports (approximately 38% of total exports) and provides 276,000 direct employment opportunities. The garment sector remains a vital sector of the economy.

New Verazo Apparel Export Ltd and I C Collection Ltd will set up projects to manufacture garments for export markets in Bandarawela and Jaffna accordingly. The value of these investments is $ 6 Million and they will create 263 new direct job opportunities.

A diversified economic base

The remaining projects that were signed in January and February 2016 represent diversified sectors as follows; 

New Silkroad Aquatic Company Ltd signed an agreement to set up a project to manufacture fish meal for the export market. This project will be set up in Mannar. 

Unfield Integrated Services  Ltd signed an agreement to set up a project to manufacture metal based electrical components using imported coils and steel sheets for the export market. The project will be set up in Seeduwa.

J R Holdings Lanka  Ltd signed an agreement to set up a Mixed Development project in Kottawa. 

Horizon Knowledge City Ltd will set up a Higher Education Institute in Malabe. This institute will conduct Degree programmes in various fields with internationally affiliated Universities.

Celogen Lanka  Ltd signed an agreement to set up a project to manufacture Pharmaceutical products for the local market. This manufacturing facility will be set up in the Kandy Export Processing Zone.