Three BOI projects worth over Rs. 630 million

AGREEMENTS: The Board of Investment of Sri Lanka (BOI) signed agreements last week for 3 new projects worth over Rs. 630 million. The total employment generation from these three projects would be over 1,000.

The agreement signed between Stirling Group Lanka Intimates and the BOI was for a project to manufacture readymade garments for the export market. The products manufactured will cater mainly to upmarket clients from the US and UK.

Another Foreign Direct Investment (FDI) of US$5.2 million from the United Kingdom will have a labour force of over 900 employees. The project will be located at the Biyagama Export Processing Zone.

Financial Controller of the Stirling Group Aizal Nalim stated that construction work of the factory has already commenced and is scheduled to reach completion by June 2008. Director John Wilson (Company Secretariat) Carl Crammen was also present at the event.

The BOI also signed an agreement with Euronor to set up a project to manufacture children’s furniture and educational toys for export. The agreement was signed by Chairman, Kjell Age Glastad and Director/CEO Hemantha Wickramasinghe, Company Secretary Jim Ratnam on behalf of Euronor.

The factory will be located at Piliyandala and will generate over 90 employment opportunities. The initial investment for the project is US$ 258,027.

The third agreement was signed with Sisara Corporation for a project to develop software for both the local as well as international market. With an investment of US$ 250, 000, the project will provide 50 new employment opportunities.

Managing Director, H.A.S. Ratnapala, Director H.A.P. Perera and several other officials representing Sisara Corporation were present at the event.

The certificates of approval were signed and handed over to the investors by Chairman/Director General of the BOI Dhammika Perera.