BOI targets $ 5b for next six years

The BOI targets US$ 5 billion foreign direct investments during the next six years with employment to around 80,000 people, a BOI official said.

Foreign direct investment for the first three months of this year exceeded US$ 250 million due to renewed investor confidence in country said the official.

He said positive sentiments on the post conflict situation in Sri Lanka helped attract a large number of foreign investors to the country. Investments this year is expected to surpass last years investments of US$ 602 million.

Nine companies will commence business at the Horana Export Processing Zone (HEPZ) with a cumulative investment of US$ 57.15 million. Employment to around 1,200 people will be provided by the new ventures.

“The investments are significant as the new enterprise decision to invest will result in doubling foreign direct investment and the number of jobs offered at the HEPZ”, the BOI said.

The companies commencing businesses at the HEPZ are Unilever Sri Lanka Ltd. UK, Aspic Biuo Tea (Pvt) Ltd. Malaysia, Cavin Care (Pvt) Ltd. India, Auto Link International (Pvt) Ltd. Sri Lanka, Heritage Foods (Pvt) Ltd. India, Phoenix Industries (Pvt) Ltd. Sri Lanka, Nithya Packaging (Pvt) Ltd. India, Hwagin Medical Lanka (Pvt) Ltd. and Digital Engineering Lanka (Pvt) Ltd. Sri Lanka.

The HEPZ commenced operation in 1999 on a 385 acre land in the Kalutara district and the current investment at the zone is US$ 54 million.

The enterprises provide employment to 1,623 workers manufacturing garment accessories, essential oil, plastic products, non ferrous metal recycling MDF boards, electric power generation and glassware.

The BOI set up its first branch in Jaffna recently to encourage investors in the North and revive enterprises and create a vibrant business environment in the region. (LF)