BOI signs 46 investment agreements

The Board of Investment of Sri Lanka signed 46 investment agreements to the value of US $ 982 million in June, a BOI press release said.

These projects cover a wide range of sectors such as manufacturing, construction, mixed development, hotel, mini hydro power, trading house, solar power, apparel, research and development and education. When they begin operations, the projects will generate an estimated 8,000 direct employment opportunities.

The BOI focused on fast tracking investment facilitation, resulting in a large number of projects being approved.

Apartment complexes: Eleven agreements were signed to set up new apartment complexes. The estimated investment in this sector would be around US $ 259 million and it will generate 900 direct job opportunities

These eleven projects include Arum Developers (Pvt) Ltd, Barrington Global (Pvt) Ltd, Vivesta Constructions (Pvt) Ltd, KSK Construction (Pvt)Ltd, Blue Ocean Legend (Pvt) Ltd, STK Quickshowa (Pvt) Ltd, City Square Projects (Pvt) Ltd, Capital Trust Residencies (Pvt) Ltd, Pearl Residency (Pvt)Ltd, Decent Homes Japan (Pvt) Ltd and Capital Trust Residencies Four (Pvt) Ltd.

Manufacturing: Being one of the key sectors manufacturing still remains as a dominant sector in the country. Presently over 33% of the total exports under the BOI is contributed by the manufacturing sector other than apparel and over 61% of the national Industrial export other than apparel is contributed by the export oriented manufacturing projects operating under the BOI.

Ten new agreements have been signed to set up various manufacturing projects such as health devises, boat building, pharmaceutical products, granite tiles, organic fertilizer and soft toys etc.

An estimated investment of these ten agreements would be US$ 296 million and generate 2,400 employment opportunities.

The projects are Screen Line Imaging (Pvt) Ltd, Hand Hi Safety Products (Pvt) Ltd, GL Yatching Asia (Pvt) Ltd, Hands Pharmaceuticals (Pvt) Ltd, Goodwill Granite (Pvt) Ltd, Global Advance Recyling Lanka (Pvt) Ltd, Trinco Pallets (Pvt) Ltd, Saru Export (Pvt) Ltd, Ceylon Waste Management Refinery (Pvt) Ltd and Kohinoor Floors Lanka (Pvt) Ltd.

Hotels: Seven agreements have been signed to set up hotel projects with an estimated investment of US $ 133 million and will create 950 direct job opportunities. Summer Season (Pvt) Ltd, Sofia Colombo (Pvt) Ltd, The Golden Crown Hotel (Pvt) Ltd, Galle Heritage Lanka (Pvt) Ltd, Marine Drive Hotel (Pvt) Ltd, Management and Investment Combine (Pvt) Ltd and Hurihela Pathana (Pvt) Ltd have signed to set up hotel projects.

Mixed development: Mixed development projects which reflect an urban development will include residential housing, shopping complexes, supermarkets and recreational facilities. Six agreements were signed to set up mixed development projects in the Colombo area.

The projects would invest for US $ 200 million with 558 employment opportunities. Asian Relators and Developers (Pvt) Ltd, Havelock City (Pvt) Ltd, Southgate Property Development (Pvt) Ltd, Abans Land (Pvt) Ltd, Lupa Investent (Pvt) Ltd and Earl's Reality (Pvt) Ltd have signed agreements in this sector

Trading houses: Trading houses specialize in facilitating transactions between a home country and foreign countries. A trading house is an exporter, importer and also a trader that purchases and sells products for other businesses.

Trading houses provide a service for businesses that need international trade experts to receive or deliver goods or services. As Sri Lanka considered an emerging logistics centre in Asia, investor confidence is being grown in this sector.

Four new agreements were signed to set up trading houses with an investment of US $ 40 million and will generate 510 direct employment opportunities. DPL International (Pvt) Ltd, Edtra Apparel Company (Pvt) Ltd, T & FG Trading (Pvt) Ltd and Lulu Hypermarket (Pvt) Ltd have signed agreements to set up trading houses.

Mini hydropower: As power generation is one of the key areas of investment, BOI encourages investment in this sector. Three new agreements signed to set up Mini Hydro power projects in Matale, Meegahakiula and Haguranketha.

The electricity which generates by the mini hydro power plants will be supplied to the national grid. Ecas Kiula (Pvt) Ltd, Loggaloya Hydro Power (Pvt) Ltd and Marj Company (Pvt) Ltd have signed agreements with an investment of US $ 10 million and 55 job opportunities. Vydexa Lanka Power Corporation (Pvt) Ltd signed an agreement to set up 10 MW Solar power plant with an investment of US $ 15 million.

Glovtech Innovation (Pvt) Ltd signed an agreement to set up Research and Development lab for glove technology. The facility will be at Munagama, Induruliyedda.

IIT International Ltd signed an agreement to set up Higher Education Institute in Colombo with a US $ 14 million investment.

St Anthony's Properties (Pvt) Ltd has entered to an agreement with the BOI to set up an office complex. This project will be in Colombo 9 with an investment of US $ 13 million.