BOI signs $4b FDI project

The Board of Investment signed an agreement with Sri Lanka Gateway Industries (Private)Limited, to spearhead Sri Lanka's highest value- ever Foreign Direct Investment(FDI) project, for the development, operation and management of a special industrial zone for heavy industries, in the Trincomalee District. According to the Agreement, this project will come under the Strategic Development Act.

The project master plan includes the development of a deep water jetty, bulk commodities terminal with stockpiling and blending capabilities, power generation plant and a host of other heavy industries and complementary industries. The project will be delivered in three phases, with a total investment exceeding $4b.

This project will open opportunities for many export/import markets in the Asian, African, Australian and American continents and provide a strategic access gateway to satisfy the growing demands of the Indian market.

In addition, the Trincomalee region will benefit through direct and indirect employment opportunities, social and community development and creation of new skills during construction and long-term operation of the project.

It is expected that over 5000 direct employment opportunities and over 20,000 indirect employment opportunities will be created from this project.

Sri Lanka Gateway Industries will set up a vocational training centre to enhance professional skills of the local community of the region.