The Sri Lankan Government is planning two economic zones covering Kilinochchi, Batticaloa and Ampara this year through the Board of Investment (BOI) which has already set up an office in Jaffna.
Minister of Enterprises Development and Investment Promotion Anura Priyadharshana Yapa, made this comment last week during the signing up of a Special Economic Zone (SEZ), for the first time for any country, for Chinese investors at Mirigama.
A.M.C. Kulasekera, BOI Deputy Director General, told reporters that the agreement signed between the BOI and Hong Kong-based conglomerate Huichen Investment Holdings Ltd is to establish, develop and market the new SEZ, The company will invest US $28 million to develop infrastructure facilities, under phase one, at the zone at Mirigama. The zone has been leased out to Huichen Investment Holdings for 33 years.
President of Huichen Investment Holdings Ltd Huang Yu Ping disclosed that 29 Chinese companies have already expressed their willingness to set up factories at the 161-acre SEZ and these industries would generate 200 direct employment opportunities for Sri Lankan rural youth in the area.
It will also bring new technology to the island, he said. In addition their interests extend to a wide range of economic sectors and activities such as machinery and equipment, electric motorcycles, light vehicle assembly, manufacturing buses, ambulances and agricultural machinery. Minister Yapa said the government hopes to attract US$1 billion Foreign Direct Investment this year and the opening up of investment opportunities in the North and the East after ending the war will contribute immensely to achieve this target. Sri Lanka attracted 800 million dollars in foreign investments last year, mostly into IT and telecoms-related sectors.
"With the war over, foreign companies have expressed interest to invest in areas like power, telecom, tourism, agro-processing, fisheries, education and IT services," Yapa said. "In the North and East, The BOI plans to promote boat-building, fisheries, and housing and tourism projects. There is also scope for infrastructure projects to rebuild areas destroyed by the war," he said
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