SRI LANKA: BOI Signs Agreements for Eight New Projects Worth USD 43 Million

The Board of Investment of Sri Lanka granted investment approval for eight new projects representing a total worth of USD 43.71 million. Board members Mr. Eshana de Silva and Mr. Upali Samaraweera signed the agreements and formally presented the BOI Certificate of Registrations to the investors.

Peoples Leasing Property Development Limited signed an agreement to set up a mixed development project located in Colombo 8. Peoples Leasing Property Development Limited, a subsidiary venture of Peoples Leasing Co. Limited is an initial investment of US $ 5 million. The 12 storeyed building will house the Head Office of the group and also a Peoples Bank Branch with two ATM machines will be established in the Ground Floor. Construction of the complex will begin this month and is expected to be completed within two years. Chairman of Peoples Bank and Peoples Leasing Group of Companies Mr. W. Karunajeewa and Mr. D. P. Kumarage, CEO/GM of Peoples Leasing Co Limited signed the agreement on behalf of Peoples Leasing Property Development Limited.

An agreement to set up a project to manufacture hosiery and fine hosiery for export was signed with Finetex (Private) Limited. Finetex is an investment made by Sebino/Viscotex, Italy. Sebino/Viscotex, Italy is one of the largest manufacturers of socks and hosiery in the world. The company has a history of over 50 years and has a reputation for manufacturing fine quality ladies stockings. The venture first invested in Sri Lanka 25 years ago with the establishment of Texlan, Filotex and Texlan Centre. The new project is an investment US $ 1.5 million generating employment for 150. The Directors of the company are Mr. P. A Berterali, Mr. S. T. Nagendra, Mr. Dinal Peiris and Mr. C. L. K. P Jayasuriya.

F & G Realtors International (Private) Limited signed an agreement to set up a mixed development project at Ratnapura. The mixed development project is a joint venture between F & G Property Developers (Pvt) Limited, The Finance & Guarantee Co Limited and F & G Real Estate Co Limited. The development project worth an investment of US $ 36 million will include the construction of 14 Residential Apartments, 20 Individual Houses and a 20 Room Luxury Hotel. Construction is expected to commence in January 2009 and will be completed in 3 years. Mr. Mervin Jayasinghe, Group Chairman and Mohan Perera, Executive Director signed the agreement on behalf of F & G Realtors International (Private) Limited.

Golden Dragon Agri Export (Private) Limited signed an agreement to set up a US $ 150,000 agriculture farm to grow fruits including noni fruits, dragon fruits, vegetables and flowers for export. The export oriented horticulture venture will be located in the Sabaragamuwa Province. The Dubai – Sri Lanka joint venture will plant new hybrid varieties to obtain high quality fruits for export. Golden Dragon Agri Export will be launched under the “Nipayum Sri Lanka 300 Enterprise Programme”. The BOI Certificate of Registrations was handed over to Mr. M. Sivasundaram and Mr. D. S. Jayawardena, Directors of the company.

An agreement set up a software development venture for foreign clients was signed with CAM Management Solutions (Private) Limited. The venture develops product based software for Strategic Planning and Management Solutions for local governments in Australia, New Zealand and UK. The investment of US $ 150,000 is sponsored by C A Technology, Australia. The software development company is expected to generate employment for 20 professionals. Mr. Omar Fareed, Chairman of CAM Management Solutions (Private) Limited signed the agreement on behalf of the Company. Mr. Brian Walter, Country Manager was also present at the occasion.

H Y Vital Export (Private) Limited signed an agreement to manufacture pallets out of fabric off cuts for export. The joint venture between Malaysian and Sri Lankan investors is an investment of US $ 600,000. The manufacturing plant located at Pannala will generate 50 employment opportunities. The venture will collect fabric off cuts from various garment factories. The pallets manufactured out off fabric off cuts will be exported to China. The manufactured pallets are used to produce yarn. Commercial operations of this unique venture will commence immediately. On behalf of H Y Vital Export (Private) Limited Mr. Tan Yew Pin, Chairman, and Mr. K. Chandana De Silva, Managing Director signed the agreement.

The BOI also signed agreements for two new Business Process Outsourcing ventures. Acumen Services (Private) Limited signed an agreement to set up a BPO centre to provide Financial Services. The venture is an investment of US $ 150,000 sponsored by Acumen Limited, Bermuda. This will provide employment for 20 Professionals and will be located in Colombo. The other BPO centres which will be provide Accounting Services. is sponsored by Horses Insurance Holding Limited, Bermuda. The US $ 150,000 venture will provide employment for 20 professionals in the accounting sector.

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Added: December 15, 2008 Source: Agencies
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