BOI signs sixteen new agreements during Jan-Feb

The Board of Investment of Sri Lanka signed agreements for 16 new projects during January / February 2016. The agreements were signed on behalf of the Board of Investment by Chairman Upul Jayasuriya, The 16 agreements signed by the Board of Investment of Sri Lanka represent a cumulative future investment of US$ 110 million.

These projects cover a wide range of sectors and will be generating an estimated 1250 new direct employment opportunities.

Mini Hydro Power projects

Five new agreements have been signed in January / February 2016 to set up Mini Hydro power projects in Ratnapura, Haldummulla, Matale and Hali Ela area. The total value of these investments is US$ 18 million. The electricity generated by these mini power plants will be supplied to the national grid which helps to meet the growing electricity demand in the country. Euro Lanka Energies (Pvt) Ltd, Meunex Nahalwathura Hydropower (Pvt) Ltd, Lower Lemastota Hydropower (Pvt) Ltd, Escas Digital (Pvt) Ltd and Bambarapana Hydropower (Pvt) Ltd have obtained BOI investment approvals for Mini Hydro power plant projects.

New hotel projects

Wild Coast Lodge (Pvt) Ltd signed agreement to set up a 28 roomed boutique hotel in Palatupana, Yala. DodunduwaWatta (Pvt) Ltd signed agreement to set up 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

Two agreements have been signed to set up new apartment complexes. Both Superlative Properties (Pvt) Ltd and Mulberry Holdings (Pvt) Ltd will set up new housing complexes in Colombo. The estimated value of investment is US$ 14 million.

Garment manufacturing projects

New Verazo Apparel Export (Pvt) Ltd and I C Collection (Pvt) Ltd will set up projects to manufacture garments for export markets in Bandarawela and Jaffna accordingly. The value of these investments is US$ 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 (Pvt) Ltd signed an agreement to set up a project to manufacture fish meal for export market. This project will be set up in Mannar. Unfield Integrated Services (Pvt) Ltd signed 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 (Pvt) 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 International affiliated Universities. Celogen Lanka (Pvt) Ltd signed 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.