The expatriates willing to invest:

North and East investment hubs soon - Minister Lakshman Yapa Abeywardena

By Naalir Jamaldeen

The business community in the North and expatriates were contented with the rapid development taking place in the North. They are also keen to invest in the North in the prevailing peaceful atmosphere. The Government has expedited infrastructure and livelihood development projects across the country including the North and East, Investment Promotion Minister Lakshman Yapa Abeywardena said following an investment promotion tour to the North.

A vibrant North.

Sriskantha Vidyalayam, Delft.

A bridge construction site.

Delft Divisional Secretariat.

Mannar Jetty.

Board of Investment office in Jaffna.

Minister Lakshman Yapa Abeywardena

A. Sri, Delft Divisional Secretary.

The Minister said that the business community in the North who attended investment promotion programs have brought to his attention that expatriates from the North were keen to invest in the North along with existing investors.

Besides the Minister said that people in the North love their motherland and were ready to contribute to the national economy by setting up industries in the Northern peninsula. Amendments should be made on dual citizenship, investment regulations and on other fundamental regulations in a beneficial way to investors.

Minister Abeywardena said that infrastructure facilities have been developed in the North in less than five years. There is a conducive environment for investment.

The Minister also asked the business community to invest in the North considering the future prosperity of the peninsula.

A fully equipped investment zone similar to Hambantota will be set up in the Jaffna district. Minister Abeywardena made these observations during a meeting held with the business community in the Jaffna district at the Jaffna District Secretariat.

A large number of businessmen and investors were present. The Minister also discussed the problems, the investors face in the investment process.

Minister Abeywardena said that President Mahinda Rajapaksa will open the Jaffna Railway Station and the Delft Divisional Secretariat Office on October 13.

The railway line was destroyed for more than 30 years but development work on the Northern railway line was completed in four years.

An investment zone will be set up on similar lines to the one in Hambantota. Certain privileges are vital to attract more investors to the North, the Minister said.

"We have dealt with a number of Institutions in the North. We held discussions with 16 factories in the North. When any shortcomings or problems arise in the industry, immediate steps will be taken to solve them to promote the industrial sector in the North.

Within the concluded nine years of the Board of Investment, we have invested Rs. 66,712 million in the Northern province. Twenty six projects including electricity and hotel sector development have been implemented, Minister Abeywardena said.

The Minister said that the first investment promotion program was held in Jaffna after the elimination of terrorism and with the restoration of peace in the North.

Due to new projects inaugurated in the North 4,833 jobs have been given.

"A large number of foreign and local investors have expressed consent to invest in the North which consist of world renowned investors too.

We conducted surveys in the past to bring development available in other parts of the country to the North and what kind of mechanism should be followed to achieve this target", Minister Abeywardena said.

"The Government has developed infrastructure facilities in the North during the past five years. Steps have been taken to provide electricity to attract new areas for investors.

Developing infrastructure facilities is crucial to develop an area", Minister Abeywardena said.

"The Government is ready to provide infrastructure facilities to investors in the North. The conducive environment for new investments has been created in the North. Various problems of investors in the Northern peninsula was discussed and solutions were also found in most instances.

A regional office of the Board of Investment has been set up in Jaffna to facilitate investors. Investors expressed their gratitude to the Government for providing infrastructure facilities to promote the industrial sector in the North. The expatriate business community from the North also attended the meeting.

They are keen to invest in the North. The Government revived the economy in the North. there was no new investments in the North between 1979 to 1994. During President Mahinda Rajapaksa's tenure from 2005 to 2013, Rupees 66,712

million have been allocated to the North", he said.

Minister Abeywardena visited various places in the Northern province. The intention of his visit was to increase employment opportunities in the province by developing trade activities.

He visited Mannar and inspected the progress of renovation work of the Mannar jetty. The

170 feet Mannar jetty is being renovated by the Navy. Minister Abeywardena visited the Delft island inspected the Divisional Secretariat office which is to be opened soon.The Minister also visited important places in Delft island.

While addressing the media at the Jaffna District Secretariat, Minister Abeywardena said that after liberating the Northern people from the clutches of the LTTE, the armed forces helped them to restore their lives to normalcy.

Except for helping in the development, the armed forces do not interfere in the personnel lives of people, he said.

Pradeshiya Sabas, Urban Councils and the Provincial Council function smoothly, he said.

Minister Abeywardena also met some investors at the BOI office in Jaffna. Investors got an opportunity to bring their problems directly to the attention of Minister.

Minister Abeywardena said that the people should be strengthened economically. The Industrial sector should be promoted in the district if this

goal want to be achieved successfully. There are so many problems in the investment process such as purchasing of

lands and the facilities are the main problems.We are ready to solve all these problems, the Minister said.

"After the restoration of peace in the North we gathered information what are the industries can be promoted in the North. we raised information about lands. After the restoration of peace the Government invested a huge amount of money for the development of North. The Government has taken steps to develop highways, irrigation sector and to provide electricity.

Between 1994 to 2005 Rs. 428 million has been invested in the North. Electricity facility in the province have been increased to 65 percent. We have developed infrastructure facilities in an area which was destructed more than 30 years by the terrorists", Minister Abeywardena said.

After liberating the North from the clutches of the LTTE, the Government took the responsibility of bringing development to the North which had been limited to the South. Within the concluded four years we could reach our goal. The Government has a plan to complete the infrastructure development works in the North in three years. The Government has taken steps to increase the electricity facilities in the North to 95 percent by January 2015.

Meanwhile, Minister Abeywardena said that thirty two welfare centres were functioning in the North during the time of the conflict, 19,513 persons including expatriates are yet to be settled. Except for expatriates 1,181families numbering 4,277 persons are yet to be resettled. The Army has asked the Land Ministry to take over 298 acres belonging to army and share them to people who are in welfare centres.

Minister Abeywardena said that the expatriate Sri Lankans are keen to come back and to settle in their native places. We consider this as a victory for the Government.

"Investments should be brought to the North to economically strengthen the people who were victimised by terrorism.Obstacles remain in the process of investing.

There were certain issues such as land issues and the procedures to be followed while purchasing lands. We are ready to solve all these problems. In line with European countries, the industrial sector in the Asian countries are growing fast. Asian countries receive much capital on investments.

Compared to last year we got one billion US$ worth investment and is expected to increase to US$ 2 billion by the end of this year. The political leadership has done a good job in attracting more investments towards the country", Minister Abeywardena said.

The Minister said that he is confident that the economic goals of this country can be achieved soon with the increase of Foreign Direct Investments (FDI) towards the country.

Minister Abeywardena said that two Mahindodaya Technical Laboratories will be set up in the North one will be set up in Delft Island and the second is at Kilinochchi. President Mahinda Rajapaksa will open two railway lines in the North and Delft Divisional Secretariat on October 14.

"Last year the world received US$ 1,460 billion FDI, 52 percent was received by developing countries. In the next decade developing countries will contribute to the global economy.The Northern province can't be ignored", Minister Abeywardena said.

Youth in the North have the right to become the stakeholders of the developing economy of the world. It is the bounden duty of the political leadership in the South as well as in the North to develop the facilities required for the development of youth, the Minister said.

After the liberation of North from the clutches of LTTE, President Mahinda Rajapaksa paid close attention to achieve sustainable development in the North. The BOI also played its role well. The support from the political authorities in the province and relevant institutions were vital to

bring investment, the Minister said.

The Minister said that due to lack of investment opportunities in the North, the youth work force move towards other regions for employment. Economic standards of people in these areas also remain unchanged.

Indepth discussions are constantly being held regarding infrastructure development, regional development and making suitable investment identifying the resources, available in the region.

We hope to bring suitable investment for the North. Support from political authorities in the North was crucial, Minister Abeywardena said.

The private sector has already begun to move to the Northern province. Twenty three projects have been approved by the BOI for an investment of Rs. 68,268 million. In addition, 9 hotel projects consisting of 328 rooms have been approved for construction at an investment of Rs. 2,217 million, the Minister said.

The Minister said that 180,000 acres of abandoned cultivable lands has come under the plough.

Seed paddy and subsidised fertilizer are provided by the Government. 212,722 metric tons of paddy was harvested this year, the Minister said.