BOI yields high value projects in 2015
View(s):The Board of Investment (BOI), in the wake of the introduction of new procedures aimed at improving facilitation, attracted a number of important projects in key sectors of investment in 2015, a media release issued by this state agency said.Once these investments are realized a total of 66 new projects and 45 expansions of existing projects will be operational, resulting in an estimated US$1.6 billion Foreign Direct Investment (FDI) inflow and generating an estimated 16,075 new employment opportunities, it was noted. These projects reflect growing investor confidence in Sri Lanka under the present management of the BOI which has introduced new methods to fast track investment including a “One Stop Shop”.
The BOI signed three agreements with Dialog Axiata PLC, Dialog Broadband Networks (Pvt) Ltd and Dialog Television (Pvt) Ltd for a total investment of $175 million (Rs. 24.6 million). This new investment brings the total investment by Dialog Axiata to US$1.96, the BOI stated.
Another agreement signed by the BOI in 2015 was with M/s Senok Automobile (Pvt) Ltd, to assemble Volkswagen automobiles worth $26.5 million that brings Sri Lanka into the age of automobile manufacturing. The revival of Kantale Sugar as a result of an agreement signed with M G Sugar Lanka (Pvt) Ltd was entered into for a 30 year project agreement run on Built, Operated and Transfer (BOT) basis between the Government of Sri Lanka, the investment from Singapore will result in creating 1,220 new job opportunities.
The estimated value of the investment is $100 million Other very significant projects entered into in 2015 include Airport Express Air & Rail Co (Pvt) Ltd which will result in the building of an urban township development project that will link Colombo to Katunayake. This is a full foreign investment with participation from Malaysia, Portugal and Denmark.Laugfs Pharmaceutical (Pvt) Ltd signed an agreement with BOI to manufacture pharmaceuticals at an estimated value of $30.5 million.