‘Lanka zooming in on USD 2 billon investment target’

Ruwanthi Abeyakoon

INVESTMENT: Foreign investments in pharmaceuticals, tourism, gems and jewellery, IT, fisheries, apparel and hydropower industries will enable Lanka to reach the USD 2 billion investment target this year, Enterprise Development and Investment Promotion Minister, Dr. Sarath Amunugama said.

“We have signed up projects worth USD 500 million already. The new oil refinery that will be signed shortly will add another USD one billion. Then the total investments will rise to USD 1.5 billion and we can easily reach our target this year,” Minister said.

The Board of Investment approved eleven new projects that will increase foreign investments in the country, he said last Friday.

“Colombo Dockyard Ltd will manufacture two passenger vessels each worth USD 8.5 million. Croatia will be the investor and it will generate employment opportunities for 1000 people,” Minister Amunugama explained.

He pointed out that the warehouse at Global Park will make Sri Lanka a hub for business.

Antler Embellishment, manufacturer of motif heat transformers, thermo plastic rubber tags and labels for export will invest Rs. 67 million. S.P Matpol is to manufacture value added coir fibre products for export.

Other projects approved were, Gecko Ella Environmental Consultants to establish a knowledge process outsourcing centre, Fuji Reality Developers, to construct a housing complex and H Don Carolis and Sons to manufacture furniture for local and export markets.

Bizlogix is to develop computer software for export, Stirling Group Lanka Trading will export locally produced garments and Cresent Button Manufacturing Ltd will produce buttons for indirect export.

The mini hydro power plant project of Giddawa Hydro Power Ltd was also approved along with the projects by G.B. Manufacturing Ltd and Rank Animal Health Pvt Ltd.