Dr. Amunugama targets $2b through mega projects

by Lalin Fernandopulle

Enterprise Development and Investment Promotion Minister Dr. Sarath Amunugama said that he plans to attract over US$ two billion in Foreign Direct Investment this year through mega development projects throughout the country.

Dr. Amunugama said he was not satisfied with the US$ 500 million achieved last year though the target was US$ one billion.

The poor achievement was due to investments on small projects such as restaurants and rest houses.

This was made known during the minister's first official visit to the Katunayake Export Processing Zone (KEPZ) under the BOI after inspecting the proposed site for the mega IT techno park.

He said he would achieve his investment target this year and boost the confidence of local and foreign investors despite the drawbacks due to the country's security situation. Chinese, Singapore and Malaysian investors are keen to set up industries in the country and we are confident that these projects would be launched soon.

This would encourage more investors and benefit the country's economy at large, he said.

The Minister said that the IT techno park, a mega industrial project will open a new era for Sri Lanka in the development of information technology which is an indispensable tool for development.

Around 20-30 major IT investors will set up operations at the park providing employment and training for a large number of youth.

The techno park will improve IT literacy in the country and would create better prospects for youth seeking employment in an IT based world, Dr. Amunugama said.

The 21-acre land at the KEPZ owned by the BOI will be converted into an IT techno park based on the Bangalore and Hyderabad models.

IT specialists from India are due to visit Sri Lanka next month to share their expertise and the project will be linked to Hyderabad and Bangalore.

The techno park which will include IT based industries , electronic and related industries and an IT university is the third phase of the KEPZ development plan to be completed by the end of 2008.

Dr. Amunugama said he would grant tax free concessions to IT based industries training students to secure jobs with a good renumeration.

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