New BOI projects signed in tourism and pharmaceutical sectors

Monday, 24 December 2018 00:56 - - {{hitsCtrl.values.hits}}

Future Hilton Hotel in Yala, IV Fluids to be locally made

The Board of Investment signed agreements for projects in the field of hotels and the manufacture of pharmaceuticals.

The agreements were signed on behalf of the BOI by Chairman Hemasiri Fernando. Also present was BOI Director General Champika Malalgoda.

The Wild Beach Resorts Ltd. project is to set up, construct and operate a 42-roomed hotel that will be located at the Yala Wildlife Tourism Zone at Palatupana, Yala. The value of this investment is $ 12 million.

Melwa Hotels and Resorts Director Muruganathan Pillai signed the agreement on behalf of the company.

Pillai stated, “We have already signed two projects with the BOI, one will be located in Negombo and construction has already begun. The Negombo hotel will be opened in 2021 and will be operated by the Hilton Chain .The Yala project which was signed today will also be opened in 2021.This hotel project when completed will also be operated by the Hilton Chain. This will of course be a very high end hotel project.”

The other project signed by the BOI was with Kelun Life Sciences Ltd. to manufacture IV fluids for the local and export markets. The plant will be in the Kandy Industrial Park.

The project will employ 110 workers. The investment value of the project is $ 12-75 million of which $ 9.5 will be FDI.

The agreement was signed on behalf of the company by Kelun Life Sciences Ltd. Managing Director Nadarajah. “We plan to manufacture injectables and supply these to the Health Ministry. This will help reduce the shortages in the country, result in freshly manufactured stocks and also contribute towards import substitution,” Nadarajaj stated.

In addition to the these projects, the BOI signed a supplementary agreements with existing BOI companies in the areas of software development for export, radio broadcasting, latex mattress manufacture, apparel manufacture, poultry feed production, conversion of vehicle from left to right handed driving, lace manufacture.