BOI signs agreement for new projects in various sectors

Colombo: The Board of Investment signed agreements for six new projects.

These projects cover a range of sectors and will be generating an estimated 540 new employment opportunities. The six agreements signed by the Board of Investment of Sri Lanka are for a total investment of estimated US$ 4 million.

North West Fishery Limited is a project to undertake deep sea fishing and processing of fish for the export market. This venture is an investment of US $ 1 million.

The project will be located at Dankotuwa Industrial Estate and is expected to provide 30 direct employment opportunities. The company is a fully fledge EU Certified venture. Commercial operations are expected to start in a month.

The processed fish will be exported to the US, UK, Spain, Italy, France, Netherlands and Germany. Managing Director Susantha Payoe signed the agreement on behalf of the company.

The agreement signed with Woody Wood Creators Limited is for a project to manufacture precision cut and worked furniture, door and window frames, furniture components, and wooden toys for the export market.

Europe and USA markets were identified as export markets for their products. The venture will operate a fully automated plant at Kelaniya. The plant will be using the latest technology imported from Italy.

This is an investment of US $ 318,000 and is expected to provide employment for a workforce of 30.

Eastern Marketing and Research Services Limited and Eastern Marketing Mount Lavinia Limited Eastern Marketing and Research Services Limited and Eastern Marketing Mount Lavinia Limited signed an agreement to setup a boutique hotel at Mount Lavinia.

Mount Lavinia House is an elegant homely boutique hotel, providing spaciousness and comfort in a unique and stylish setting.

Mount Lavinia House is ideally suited to tourists or business travellers touring Sri Lanka. It has many artistic and architecturally interesting features.

This venture is a total investment of US $ 1.5 million and is expected to provide employment for a workforce of 80. This project is sponsored by investors from UK.

An agreement to manufacture H D P E (high-density polyethylene) blow printing bags for the local market was signed with Wayaba Printpack Limited. The venture is expected to be located at Mawatagama Zone. This project is an investment of Rs. 100 million and will create employment for 200.

Laugfs Corporate signed an agreement to manufacture solid tyres for the export market. The project will be sponsored by Laugfs Holdings Limited. The solid tyres will be exported to Japan, Germany and USA.

The venture is an investment of Rs. 336 million and will provide employment for 200. The manufacturing plant will be located at Millawa, Horana.