The Board of Investment (BOI) signed 19 new investment agreements in March at an estimated value of $ 139 million and are expected to generate 3,100 direct new employment opportunities.
In the first three months of 2016 an estimated cumulative investment $ 249 million worth of projects were signed by the BOI. These represent a total 35 projects and will generate an estimated 4,350 direct employment opportunities.
A total of five investment agreements have been signed to build apartment complexes in Thimbirigasyaya, Rajagiriya, Kohuwala, Nugegoda and Mount Lavinia, by the companies Ekroma Relators Ltd., Brix Realty Ltd., Blue Mountain Apartments Ltd., Alpha Homes Ltd. and Rush Housing Ltd. The cumulative value of these projects is $ 28 million, resulting in creation of 1,575 employment opportunities, the statement released by BOI said.
Two agreements were signed to develop hotel projects in Sri Lanka with a cumulative value of $ 11 million. Sunset Beach Resort & Spa Ltd. signed an agreement to set up a 32-room boutique hotel in Wadduwa. Another company, Jinkany Sirigiya Ltd., signed agreement to set up a 60-room 4-star hotel in Sigiriya.
Educo Lanka Ltd. signed an agreement to set up a higher education institute in Rajagiriya to provide degree and diplomas in the areas of engineering, IT, arts, business management and commerce. This is an institute affiliated to Monash University, Australia. Another company, Vinum Academy Ltd., signed an agreement to set up a hospitality education centre to train professionals for the hospitality industry. The value of the investment is $ 1 million.
Cropwiz Ltd. signed an agreement to set up a project to cultivate high-quality vegetables for the export market. The facility will be located at Walpita with an investment of $ 6.1 million.
Watawala Dairy Ltd. signed an agreement to set up a dairy farm in Hatton. The investment of the project is $ 12 million.
As power generation is one of the key areas of investment, the BOI encourages investment in this sector. Thannewatta Mini Hydropower Holdings Ltd. signed an agreement to set up a 1MW mini hydropower plant in Diyatalawa, Badulla.
Energy Craft Ltd. signed an agreement to set up 750 KW mini-hydro power plant in Kitulgala. Moragahaoya Ltd. has signed an agreement to set up a 1.5 MW mini hydro power plant in Panvila, Kandy. The cumulative investment of these two projects is estimated to be $ 4 million.
E.F.L. Hub Ltd. signed an agreement to set up a project to undertake offshore business, front-end services and headquarters operations with an investment value of $ 1.2 million. This project is approved under the Commercial hub operations category. E.A. Macro Holdings Ltd. signed to set up a mixed development project in Colombo 3 with an investment of $ 55 million.