BOI to set up $ 5 m Technology and Management Institute

A venture to set up a US $ 5 million higher education institute which has facilities to educate 1,200 students was approved by the Board of Investment (BOI) last Wednesday. The institute will provide higher education in Communication, Mass Media, Business Management, Engineering and Languages.

Chairman/Director General, Dhammika Perera signed the agreements and presented the BOI Certificate of Registration, to Chairman/President of South Asian Institute of Technology and Management Company Dr. Neville Fernando.

The project carried out by the South Asian Institute of Technology and Management Company with an investment of US $ 5 million will generate employment for 50. "The venture will establish a higher education institute for Technology and Management studies at the IT Park, Malabe. The company has commenced construction work on the five storeyed building", said Dr. Fernando.

The BOI also signed agreements for several projects worth US $ 1.31 million last week:

* Lanka Cat Limited signed an agreement for a project for web designing and software development for foreign clients. The venture expects to commence operations within two months. The project with an investment of US $ 210,000 is sponsored by Tom-Cat from the Czech Republic. Tomas Plojhar, Chairman and Brian Kurera, Manager signed the agreement on behalf of Lanka Cat.

* An agreement to set up a flying training academy was signed with Openskies Flight Training Limited. The academy will provide ground school classes and practical training for the private and commercial pilot licence. The academy expects to commence training in December. The project will be an investment of US $ 610,000 is at Panadura, while training will be given at Air Force Bases at Katukurunda, Weerawila or Koggala. M. D. H. Fernando, Chairman and Mrs. Kushla Fernando, Director signed the agreement on behalf of Openskies Flight Training Limited.

* Oxigen Plantations signed an agreement to set up a project to grow forestry and cash crops. The venture will be to grow Teak trees and cash crops such as pulses, yams and bananas. The 25 acre plantation will be at Puttalam. This project with an investment of Rs. 54 million will create employment for 50. Josh Casttle, Chairman and Caniut Silva, Director signed the agreement on behalf of Oxigen Plantations.