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| Sunday, 17 February 2002 |
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| News Business Features Editorial
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21 BoI agreements signed last Nov./Dec. The Board of Investment (BoI) has signed 21 agreements during the period of November to December 2001, totalling an investment of Rs. 5,853 million of which Rs. 2, 315 million consists of foreign investment. The projected direct employment is around 2,162. One of the major agreements has been signed by Chun Cheng Lanka (Pvt) Ltd. to invest Rs. 1,284 million and employ 300 people. The agreement has been signed under the special technology category to set up a fisheries project, which will utilise technology not previously used in Sri Lanka. This Singaporean project would upgrade Sri lanka's regional competitiveness in the sector. Recogen (Pvt) Ltd. had signed an agreement to set up a charcoal manufacturing factory and an eight megawatt power generation plant at Badalgama, with an investment of Rs. 940 million. The employment generating capacity is estimated at 90. The 100 per cent owned subsidiary of Haycarb Ltd. will produce combusting gases (rich in carbon monoxide, methane and hydrogen) released during pyrolysis of coconut shells in a boiler that will in turn run a steam turbine. From the eight megawatts of electricity generated, seven megawatts will be supplied to the national grid (under the standardised private power purchase agreement), while the balance will be used for internal consumption. Zyrex Power Company Erathna Ltd. has also signed an agreement to set up a mini hydro power generation plant, investing Rs. 506 million and creating 35 new job opportunities. Royal Porcelain (Pvt) Ltd. has signed an agreement to set up a project to manufacture ceramic floor tiles by acquiring the assets of Interbach Porcelain (pvt) Ltd. which is a BoI-approved company that ceased commercial activity. Royal Porcelain made an additional investment of Rs. 722 million to obtain the BoI status. Daiko Sri Lanka (Pvt) Ltd., a subsidiary of Daiko Co. Ltd., Japan, has singed an agreement to set up a project to manufacture parts and accessories for sewing-machines and other similar machines for export. The total investment of this project is Rs. 39 million. In the garment sector, two companies - Devouge (Pvt) Ltd. and Challenge Apparels (Pvt) Ltd - have signed agreements with investments totalling Rs. 52 million and will provide 332 job opportunities. Devoluge will establish a project to manufacture garments for exports, which will be located at Polgahawela export Processing Zone while Challenge Apparels located at Narammala, will set up a project to manufacture non-quota garments. The period under review has witnessed the entry of three enterprises viz. Data Infoworks Lanka (Pvt) Ltd., DCS Centre for Information Technology (Pvt), and Netmedia International (Pvt) Ltd. to the IT sector. Netmedia International (Pvt) Ltd. has signed an agreement to develop software for the export market. The main sponsor of this project is Natanya International Ltd. from Bahamas while the local collaborator is Acme International. The estimated investment of this project is Rs. 230 million and employment generation is 54. Data Inforworks will set up a project to develop software for the domestic and export markets, investing Rs. 26 million. DCS Centre for Information Technology will set up an IT training institute under the 50 IT training centre program, investing Rs. 3.5 million and creating 35 job opportunities. This project has been selected to operate under the 50 IT training centre program to promote computer awareness in urban and semi-urban areas. In the gem and jewellers sector, two companies - Galvo Niru (Pvt) Ltd. and Herbert Stephan Lanka (Pvt) - with investments of Rs. 21 million and Rs. 12 million respectively have signed agreements to set up projects to manufacture jewellery and cutting and polishing of gems for the export market. Employment is projected at over 350. Kalutota Residence (Pvt) Ltd. has signed an agreement with an estimated investment of Rs. 711 million to set up a project to construct a housing complex in two locations in Colombo 3 and Colombo 5. Star Packaging (Pvt) Ltd. will set up a project to manufacture corrugated cartons for the local market. The investment in this project, to be located at Wedamulla, Kelaniya, is Rs. 610 million while its employment potential is estimated at 188. International Trading and Packaging Systems (Pvt) Ltd. will establish a project to manufacture corrugated cartons, poly bags, hangers and acetate boxes for Marks and Spencer at Seeduwa. The main collaborator of this project is from Kent, UK. Total investment of this project is estimated at Rs. 63 million with an employment capacity of 155. A 140,000 sq. ft. warehouse complex will be set up at Muthurajawela by John Keells Warehousing (Pvt) Ltd. The investment in this project is around Rs. 250 million and employment generation will be around 36. In the rubber sector, Global Rubber (Pvt) Ltd. has signed an agreement to manufacture solid rubber tyres for the export market, investing Rs. 119.5 million and employing 121 local personnel. Kailash Metachem (Pvt) Ltd. has obtained approval to set up a project to manufacture lead oxide, zinc oxide, PVC stabilisers etc. for the export market, investing Rs. 179 million.Alchemy Boulder (Pvt) Ltd. will establish a project to process silica quartz for the overseas market. The project will be located at Pallekele Industrial Park and mining operations would be carried out at Digana, Kandy. This project will generate 196 new employment opportunities while investing Rs. 42 million. The White Haven (Pvt) Ltd. is a Sri Lankan and UK joint venture to set up a 25-roomed hotel at Pinwatta, Panadura, investing Rs. 39 million. Expo Regional Holdings (Pvt) Ltd. will set up regional operating headquarters to provide business support services in collaboration with Shore-to-Shore Inc. of USA. The project undertakes service activities for the company's associate investments in India, Bangladesh and Sri Lanka. The total investment of this project is five million rupees. Typically 80 per cent of the approvals granted move on to formal agreements signed with the BoI. Sixty per cent agreements finally move on to projects that materialise and commence operation. |
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