BOI signs agreements with three companies

'Smooth service major reason for investing':

The Board of Investment in Sri Lanka (BOI) signed agreements with three companies relating to projects in sectors such as the manufacture of furniture, the manufacture of ayurvedic products, the upgrading of an ayurvedic resort and the manufacture of steel products.

Chairman/Director General of the BOI Dhammika Perera and the investors of the respective companies signed the agreements.

Stem Lanka (Pvt) Limited

Stem Lanka (Pvt) Limited is a Hong Kong based investment that will build high quality contemporary furniture for the European and Asian markets. This furniture will be aimed at both the home and office requirements. The investment is US$ 0.5 million and will provide employment to 30 workers.

The furniture will be manufactured to supply high-end Belgian brands of furniture such as Maarten van Saveren, Mattali Crasset and Wim Goes.

These brands are very fashionable in Belgium and are known not only for exclusive furniture but also for interior design and architecture related services and products. The investor, Nick Top said that a major reason for investing in Sri Lanka was the smooth service offered by the BOI, since his application for a project was processed in a short time.

Other factors were similarities between Belgium and Sri Lanka, both small countries that shared a love for hard work, attention to detail and refinement.

He said that small size meant that there was a possibility of meeting the authorities and hence problems could be resolved.

Siddhalepa Exports (Pvt) Limited

This company of the Siddhalepa Group is a new investment of Rs 23 million that will provide employment for 18 workers. Its main activity will be the manufacture of exclusive products such as exclusive soaps, shampoos, creams and handmade items using ayurvedic products.

These were aimed at exclusive spas and hotels.

The products will be available in 20 resorts in the Maldives. The products will also be available for sale under different brand names in small exclusive boutiques around the world.

Asoka Hettigoda, speaking about his project said that the company would be working with many leading hotel chains such as the Hilton group, Six Senses, Villa Hotels and Universal Group of Hotels.

Siddalepa Ayurveda Health Resorts (Pvt) Limited

This is a supplementary agreement to refurbish and upgrade the Ayurveda health resort. Asoka Hettigoda said that 12 rooms would be renovated by the end of this month. The remaining 38 rooms will be renovated in a year and a half. This is absolutely essential, he said for Sri Lanka to meet the changing international spa requirements.

Mogami Steel Tech (Pvt) Limited

This project was signed for the enterprise to expand at the same location. Mogami Steel manufactures steel ducts, sheet steel junction boxes. The agreement was signed to expand a new building; the value of this investment is Rs 30 million.

President of Mogami Steel Yukio Sato signed the agreement. The company is part of the Mogami Electric Inc. The parent company used to purchase products made in Sri Lanka.

Sato said Mogami has invested heavily in state of the art Japanese made machinery at the company's plant in Bandaragama.