ISB invites investors to exploit opportunities

by Gamini WARUSHAMANA

Industrial Service Bureau (ISB) of the North Western Province invited local and foreign investors to exploit existing business opportunities in the province.

At the Wayamba investors and exporters forum held in Colombo last week the director of ISB Neelakanth Wanninayake said, a range of new investment opportunities are now open in Phase II of the Heraliyawala industrial zone.

This is the first separate campaign by a province to attract investments competing with the Western province, and the rest of the country. Under the mini industrial park concept ISB offers a range of services and facilities to investors.

Large industrial estates were confined to the Western province leading a wide gap in economic growth between the Western province and the rest of the country. To bridge this disparity the government adopted policies to move industries to rural areas. On the other hand the local authorities restricted setting up industries in populated areas in the Western province and it compelled investors to explore other options. Under the 13th Amendment of the Constitution the industries come under Provincial Councils and handled at provincial level. The objective of ISB is to facilitate the investors to invest in the North Western province, Wanninayake said.

There are three industrial parks owned by the Provincial Council and managed by ISB; Heraliyawala Industrial Park Phase 1 was set up in 1991, while Dangaspitiya Industrial Park was established in 1993 and theHeraliyawala Industrial Park Phase II was established this year. In addition to this there are two industrial zones owned and managed by the Board of Investment, three owned and managed by the Ministry of Industries and two owned and managed by the Industrial Development Board (IDB).

The province has relatively developed physical infrastructure, human resources and mineral and other natural resources for industries. ISB offers efficient services for the investors to obtain environment approvals, local authority approvals, BOI approvals, bank credit, electricity supply, building and plant layout, machinery valuation, drinking water treatment, waste water treatment, industrial boiler water treatment, environment assessment, environmental auditing and energy auditing services.

Wanninayake, said that the North Western province has a business friendly and conducive environment for investors. The location is important geographically as well as economically. A relatively high degree of entrepreneurship, untapped economic resources; large extent of arable lands, prolific costal belt, mineral resources and petroleum deposits in Mannar basin makes Wayamba a growth centre, he said.

According to ISB some of the potential investment opportunities in the province are: Power generation (bio mass, dendro, wind energy, commercial wood plantation, modernised coir fibre mills, value added coir products, ornamental fish farming, edible fresh water farming, deep sea fishing, dairy industry, food industry, fruit processing, alternative tourism, health service, leisure tourism and water sports, adventure tourism and hotels. The Government has proposed to develop tourism in the Kalpitiya area of the North Western province and proposals are being made to call for investment in construction of hotels and infrastructure for the hotels. Tax concessions have also been offered for investors.