British university branch replaces Chinese Special Economic Zone in Mirigama
View(s):A British university branch is to be built on a 120 acre land at the Mirigama Export Processing Zone which was earlier given to China Huicheng Investment Holdings Ltd to establish a dedicated Chinese Special Economic Zone (SEZ), officials said.
Britain’s Prince Charles will lay the foundation stone for the new university when he visits Sri Lanka for the Commonwealth Heads of Government Meeting to be held in November. Earlier the Chinese company had abandoned the project and left the island claiming that the authorities have not agreed to their investment proposals.
The Business Times exclusively reported the saga of the Chinese SEZ on 30th of January 2011.
China Huicheng Investment Holdings Ltd had spent Rs.25 million for the clearing of the site and had promised to invest US$ 28 million under Phase I and further investments in the next phases.
Now the 120-acre land has been leased out to establish a branch campus of the University of Central Lancashire, Secretary to the Ministry of Investment Promotion M.M.C. Ferdinando said.
The 99-year-lease agreement with the Board of Investment was signed with the university’s Sri Lanka partner, UCLan Lanka (Pvt) Ltd recently after approval was obtained from the Ministry of Higher Education.
The total investment of the project is to be around US$ 100 million (over Rs.13 billion). A 15-year tax amnesty has been granted to the British university.
(Bandula)