Sri Lanka goes for Japanese investments

The Government is set to attract more investment from Japan. Last week when President Mahinda Rajapaksa met Corporate President of the Noritake Group of Companies, Hitoshi Tanemura in Colombo, he called upon Noritake to invest in the Hambantota Free Trade Zone.

Tanemura thanked President Rajapaksa for the support and cooperation extended to Noritake Lanka in 1994 during his tenure as Labour Minister at a time the company faced severe labour unrest.

Deputy Chairman and MD, Noritake Lanka Porcelain Ltd, Corporate president Noritake Group of Companies, Hitoshi Tanemura, President Mahinda Rajapaksa and Executive Consultant, Noritake Lanka Porcelain Ltd Nimal Perera, at Temple Trees.

President Rajapaksa said that he was concerned about the ceramic industry and is willing to support the industry.

“Tanemura visited the Noritake factories in Matale and Pannala. He was happy to see the printing department which was established last October after the conflict ended with an investment of Rs 350-400 million.

This shows the confidence Noritake has in Sri Lanka” said Executive Consultant, Noritake Lanka Porcelain Ltd, Nimal Perera.

The plant is equipped with the latest machinery and technology to print design transfer sheets used in the ceramic industry.

He said that two years ago just after Tanemura assumed duties as the Corporate President, he transferred bone China technology to Sri Lanka. The bone china kiln cost Rs. 300 million while the value addition is high.

He said that they manufacture 600-1000 sets per month at present while the factory is equipped to handle 10,000 sets (95 pieces in one set).

Perera said that Tanemura was very happy with the operations, staff and the investment they had made in Sri Lanka. During the past five years Noritake has invested Rs 600-1,000 million. Prior to the recession, the company exported 55 percent of its products to the USA while it dropped to 25 percent due to the recession. Exports are now picking up. The company earned a net foreign exchange of Rs 1.2 billion last year. The company manufactures white porcelainware, fine casual chinaware and bone chinaware and the value addition is very high as most of the fine quality raw materials are available locally.

Noritake is ranked among the five major players of porcelainware globally.

Noritake’s first investment was in 1972 soon` after the insurgency in 1971 and there has been no looking back since then, said Perera.

In a further move to attract investment, Economic Development Minister Basil Rajapaksa is scheduled to visit Japan together with External Affairs Minister Prof. G. L. Peiris. SG