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| Sunday, 22 January 2006 |
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Over 50 factories to be set up in provinces Investors agreed to set up over fifty factories initially in the provinces at a meeting held with the Minister of Enterprise Development and Investment Promotion Rohitha Bogollagama to discuss and make preparations to launch the 300-factory program. The Government announced incentives to set up 300 factories in the provinces. The incentives include a 5 to 10-year tax holiday depending on the location of the factory. Factories with a minimum investment of Rs. 30 million providing employment for 200 workers qualify under this scheme. Senior officials of the Apparel Exporters Associations, Plantation Associations, Investment Promotion Zone Investors Associations and the Chamber of Commerce attended the meeting at the Ministry of Enterprise Development and Investment Promotion recently. Chairman/Director General BOI Prof. Lakshman R. Watawala, Additional Director General BOI Dr. Bandula Perera and Senior Advisor to the Ministry Lal Kumara Gamage were also present. During the meeting the investors highlighted the high cost of electricity and transport difficulties faced by the workers in the provinces. Minister Bogollagama pointed out that by providing facilities such as dormitories in factory premises for the workers to live in, an improvement of productivity can be achieved and that an Industrial Culture will be created. He said that the Government can look into the possibility of providing assistance to such ventures. On the issue of the high cost of electricity, he said that alternative methods must be looked into and the Government can explore the possibility of providing some assistance to cushion the effect. A committee comprising members from the Associations and officials of the BOI was appointed to look into the matters further and submit proposals by next week to the Government for consideration. The Board of Investment is organising an Investors Forum chaired by President Mahinda Rajapakse with the participation of Minister Bogollagama on January 24. |
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