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| Sunday, 23 June 2002 |
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13 BoI agreements signed in April The Board of Investment of Sri Lanka (BoI) has signed 13 agreements during April, worth Rs. 2493 million, of which Rs. 716 million consist of foreign investment. The projected employment to be generated is 1360. The most significant project is in the tourism sector from Male-based company Cyprea (Pvt.) Ltd. This Rs. 760 million project will employ 200 people. The investor will be taking over the assets of Sinbad Hotels Ltd. and will upgrade it to international standard while maintaining its natural beauty. Kessop and Baird Lanka (Pvt) Ltd. has obtained approval to set up a project for the manufacturing of moulded brassier cups and laminated bra materials for exports. This UK investment will ensure great diversification of products while exclusively producing bra accessories. It will contribute towards making Sri Lanka the intimate apparel capital of the world. The total investment for this project is Rs. 506 million and employment generation is projected at 177. Vehicles Lanka (Pvt) Ltd., a joint venture between Japan and Sri Lanka, has signed an agreement with the BoI to assemble motor vehicles for the local market using imported second-hand motor vehicle parts from Japan. This project will be located at Panagoda, Homagama. It is an investment of Rs. 500 million and will create 150 jobs. Linea Sensual (Pvt) Ltd., which belongs to Mas Holdings (Pvt) Ltd., has signed another agreement to manufacture women's underwear. These include briefs and lingerie for the UK market. The foreign collaborator of this project is Sara Lee Courtauls from the UK. This project will also make Sri Lanka's garment Industry better geared to compete in a post-quota regime. The investment in this project is around Rs. 500 million and employment generation will be around 404. VMI Lanka International (Pvt) Ltd., has obtained approval under the thrust Industry programme to establish a project to manufacture non-ferrous metal products for export. This Indian investment venture will produce copper, brazz, zinc and tin ingots and copper wires and cables. All these items are made out of imported scrap for export. The investment of this project, which will be located at Makandura Industrial Estate is worth Rs. 84 million and will employ 60 people. Trans Screen Automated (Pvt) Ltd., has signed an agreement with the BoI for an estimated investment of Rs. 71 million to set up a project for textile screen printing services to export-oriented manufacturers. The main foreign collaborator of this project is Bezier Creative Print from the UK. Its aim is to provide screen-printing services with modern printing techniques. Polycrome (Electrical) Industries (Pvt) Ltd., has signed an agreement to manufacture electrical items and accessories for the export and local markets. The company has invested Rs. 35 million and will employ 51 locals. This project will be located at the Homagama Industrial Estate. Jaysons Hospitality Services (Pvt) Ltd., is an investment from the Netherlands, which will set up a recreational and aqua sports centre at Mt. Lavinia. This project is worth Rs. 21 million and will employ 61 people. Its main activities will be to provide recreational and aqua sports facilities such as surfing, sunbathing, fishing, boat rides, water scooter riding and paragliding. Rapier Consultancies (Pvt) Ltd., is also an investment of Mas Holdings (Pvt) Ltd. to develop software for footwear and apparel sector companies in Sri Lanka and abroad. The local investment for this project is around Rs. 11 million and employment generation will be around 22 at capacity level. E-Nowave (Pvt) Ltd., has signed an agreement to develop computer software for the export market, investing Rs. 5 million with employment opportunities for 55 people. Senanee Lanka International (Pvt) Ltd., will set up regional operating headquarters to provide business support services in collaboration with its two offshore companies - Ken Trading Company in Japan and Ken Business Syndicate in Pakistan. The total investment for this project is estimated at around one million rupees. In the apparel sector, two more companies Lanka Garments Manufacturing Co. Ltd., and Vision Apparels (Pvt) Ltd., have been granted BoI status under the harmonisations scheme. These have converted from non-BoI apparel manufacturing projects to BoI projects. |
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