Tokyo Cement expands investment
View(s):Tokyo Cement Company (Lanka) PLC recently entered into an investment expansion agreement with the BOI, reflecting its “appreciation towards the Government’s farsighted decision to encourage the local manufacturing sector”.
The company recently announced plans to increase local production capacity by a further 1 million Metric Tons with an investment of US$12 million, it said in a media release.
With the introduction of restrictions on unnecessary imports, the economy has been able to curtail the outflow of valuable foreign exchange, enabling local manufacturers in almost every sector to pursue their long-term growth plans with greater confidence. Tokyo Cement’s decision to boost production, directly reflects this positive outlook, encouraged by the Government’s pragmatic policy stance. The new investment will significantly enhance local value creation; with the addition of more direct and indirect employment opportunities, compounded by the thousands of ancillary product and service suppliers supported through local cement manufacturing, setting off a ripple effect of economic benefits as envisaged by the government, it said.