Peace and prospects beckon Singapore’s Mustafa’s to Sri Lanka

Tuesday, 13 December 2011 01:15 - - {{hitsCtrl.values.hits}}

Mohamed Mustafa’s of Singapore, the internationally famous retailer, will be investing in the mixed development project at Srimath Ramanathan Mawatha, Colombo 15.

This project envisages a retail development store, a 975-roomed hotel, 400 serviced apartments and a 1,000 vehicle car park, with a total floor area of 142,125 sq. meters. The investment value of this project will be US$ 115 m.

An agreement in this connection was entered into by the Board of Investment and Mustafa’s of Singapore in the presence of Minister of Economic Development Basil Rajapaksa yesterday.

BOI Acting Chairman M.M.C. Ferdinando and Mustaq Ahamed, founder Chairman of Mustafa’s PTE Ltd., signed the agreement.

Addressing the gathering Minister Rajapaksa said with this type of investment, traditional and cottage industries would benefit. The Government has offered special incentives for the tourism industry through the Budget. A shopping mall will also be constructed in the Katunayake area in order to facilitate the retail trade for foreign and local tourists. Mustaq Ahamad said Sri Lanka had emerged as a number one tourist destination after the war and that a strong awareness campaign was necessary to promote tourism.