In the month of June 2016, the Board of Investment (BOI) of Sri Lanka has signed 46 new investment agreements of a total value of US $ 982 million estimated investment, the state-run agency said.
These projects cover a wide range of sectors such as manufacturing, construction, mixed development, hotel, mini hydropower, trading house, solar power, apparel, research and development and education.
In addition, once they start operating, these projects are expected to generate an estimated 8000 new direct employment opportunities.
As Colombo develops very fast, the demand for apartments will correspondingly increase. Hence, 11 agreements have been signed to set up new apartment complexes. The projects will change the Colombo skyline. A total estimated investment in this sector would be around US $ 259 million and it will generate 900 direct job opportunities. These 11 projects include Arum Developers (Pvt.) Ltd, Barrington Global (Pvt.) Ltd, Vivesta Constructions (Pvt.) Ltd, KSK Construction (Pvt.)Ltd, Blue Ocean Legend (Pvt.) Ltd, STK Quickshowa (Pvt.) Ltd, City Square Projects (Pvt.) Ltd, Capital Trust Residencies (Pvt.) Ltd, Pearl Residency (Pvt.) Ltd, Decent Homes Japan (Pvt.) Ltd and Capital Trust Residencies Four (Pvt.) Ltd.
Being one of the key sectors manufacturing still remains as a dominant sector in the country. Presently over 33 percent of the total exports under the BOI is contributed by the manufacturing sector other than apparel and over 61 percent of the national industrial export other than apparel is contributed by the export-oriented manufacturing projects operating under the BOI. A total number of 10 new agreements have been signed to set up various manufacturing projects such as health devises, boat building, pharmaceutical products, granite tiles, organic fertilizer and soft toys, etc.
An estimated investment of these 10 agreements would be US $ 296 million and generate 2400 employment. The projects are Screen Line Imaging (Pvt.) Ltd, Hand Hi Safety Products (Pvt.) Ltd, GL Yatching Asia (Pvt.) Ltd, Hands Pharmaceuticals (Pvt.) Ltd, Goodwill Granite (Pvt.) Ltd, Global Advance Recyling Lanka (Pvt.) ltd, Trinco Pallets (Pvt.) Ltd, Saru Export (Pvt.) Ltd, Ceylon Waste Management Refinery (Pvt.) Ltd and Kohinoor Floors Lanka (Pvt.) Ltd.
The tourism sector has been experiencing an impressive growth after restoration of peace in the country. As a result of the presence of international brands such as Shangri-La, Sheraton, Marriott, Grand Hyatt, Movenpick and Onyx, investor confidence has grown immensely. Hence, there are seven new agreements signed to set up hotel projects with an estimated investment of US $ 133 million and will create 950 direct job opportunities.
Summer Season (Pvt.) Ltd, Sofia Colombo (Pvt.) Ltd, The Golden Crown Hotel (Pvt.) Ltd, Galle Heritage Lanka (Pvt.) Ltd, Marine Drive Hotel (Pvt.) Ltd, Management and Investment Combine (Pvt.) Ltd and Hurihela Pathana (Pvt.) Ltd have signed to set up hotel projects.
Mixed development projects, which reflect an urban development, will include residential housing, shopping complexes, supermarkets and recreational facilities. A total number of six agreements are signed to set up mixed development projects in Colombo area. The projects would invest for US $ 200 million with 558 employment generation.
Asian Relators and Developers (Pvt.) Ltd, Havelock City (Pvt.) Ltd, Southgate Property Development (Pvt.) Ltd, Abans Land (Pvt.) ltd, LupaInvestent (Pvt.) Ltd and Earl’s Reality (Pvt.) Ltd have signed agreements in this sector
Trading houses specialize in facilitating transactions between a home country and foreign countries. A trading house is an exporter, importer and also a trader that purchases and sells products for other businesses. Trading houses provide a service for businesses that want international trade experts to receive or deliver goods or services. As Sri Lanka is considered an emerging logistics centre in Asia, investor confidence in this sector is growing. Hence, four new agreements were signed to set up trading houses with an investment of US $ 40 million and will generate 510 direct employments.
DPL International (Pvt.) Ltd, Edtra Apparel Company (Pvt.) Ltd, T & FG Trading (Pvt.) Ltd and Lulu Hypermarket (Pvt.) Ltd have signed agreements to set up trading houses.
As power generation is one of the key areas of investment, the BOI encourages investment in this sector. Three new agreements have been signed to set up mini hydropower projects in Mathale, Meegahakiula and Haguranketha. The mini hydropower plant-generated electricity will be supplied to the national grid.
EcasKiula (Pvt.) Ltd, Loggaloya Hydro Power (Pvt.) Ltd and Marj Company (Pvt.) Ltd have signed agreements with an investment of US $ 10 million and 55 new job opportunities.
Vydexa Lanka Power Corporation (Pvt.) Ltd signed an agreement to set up 10 MW solar power plant with an investment of US $ 15 million.
Glovtech Innovation (Pvt.) Ltd signed an agreement to set up a research and development lab for glove technology. The facility will be located in Munagama, Induruliyedda.
IIT International Ltd signed an agreement to set up a higher education institute in Colombo with US $ 14 million investment.
St Anthony’s Properties (Pvt.) Ltd has entered into an agreement with the BOI to set up an office complex. This project will be located in Colombo 9 with an investment of US $ 13 million.