Lanka: BOI signs pact with US for new projects

Sri Lanka: The Board of Investment of Sri Lanka signed Agreements for 4 new projects to the tune of US $ 20 million. These projects cover a range of sectors and will be generating 760 new employment opportunities.

Comfortwave (Private) Limited, is a project to manufacture garments for the export market by taking over the factory of Janatha Garment Manufactures Limited situated at Watupitiwella Export Processing Zone.

The project sponsored by Comfortwear is an investment of Rs. 400 million. The venture is expected to provide 430 employment opportunities that will increase the group’s total workforce to 3800. The venture will manufacture swimwear for export and it has already commenced commercial operations.

Chairman Ms. Roshini Sangani signed the agreement on behalf of the company.

The agreement signed with Terraqua International is for a project to set up five mini hydro power plants at Halatura Ganga, Rassagala and Wewa Ganga in the Ratnapura District. This project is an investment of US $ 7.63 million.

The venture is expected to provide employment for a workforce of 30 and will generate 7 mega watts of electricity. Directors, Enzo Azzola and Asgi Akbarally signed the agreement on behalf of the company.

Cleanco signed an agreement to setup a project to operate vehicle emission testing centres in Sri Lanka. The venture is expected to provide employment opportunities for 150.

The venture sponsored by Industrial Service Bureau and Akbar Brothers is an investment of Rs. 600 million.

The venture will operate 16 Fixed and 40 Mobile vehicle emission testing centres of which the first one will be located at Kochchikade. Directors Asgi Akbarally and Anura Vidanagamage signed the agreement on behalf of the company.

An agreement to produce Films, TV Programmes and other visual effects was signed with Radiance Films International. The project sponsored by Light of Asia Foundation and Beyond Dreams Entertainment, India is an initial investment of US $ 2.5 million.

The joint venture between Light of Asia Foundation and Beyond Dreams Entertainment Limited, India will produce the epic film “Siddhartha Gauthama - The Buddha”. The film location for the making of “Siddhartha Gauthama - The Buddha” will be on a picturesque mountain range in Kiriella.

Chairman, Light of Asia Foundation Navin Gooneratne signed the agreement on behalf of the company.

Chairman, Director General, Dhammika Perera, signed the Agreement on behalf of the BOI.

Minister of Enterprise Development and Investment Promotion, Dr. Sarath Amunugama, formally presented the investors with the BOI Certificate of Registrations.

Minister of Investment Promotion, Navin Dissanayake, was present.