More business for NITF
New business ventures to be set up in the Magampura port premises
will bring more business opportunities to the National Insurance Trust
A leading company in the world has sought Sri Lankan Government
approval to set up a vehicle assembling plant in Hambantota.
At the moment the company has forwarded required documentation for
land allocation in the Magampura port premises. The company is planning
to export utility jeeps to South Asian countries after assembling the
vehicles in the Hambantota, National Insurance Trust Fund Chairman
Senaka D Abeygoonasekera told Daily News Business.
He said these ventures will bring more business opportunities to NITF
with regard to insurance needs of the company.
The world is looking at Sri Lanka with a lot of hope and Sri Lanka
will be on par or better than Singapore by 2020. Enough resources and a
knowledgeable population who can adopt to the changing technologies and
latest trends in the economy in a speedy manner would assist in
achieving set targets in the country’s economy. Many investors are
eyeing Sri Lanka and the Magampura port will also be a vital transit
point in the shipping and air cargo facilities generating more foreign
exchange to the country, he added.
In addition, National Insurance Trust Fund has made an investment
worth of Rs 1.2 billion in 2010 with the Urban Development Authority to
support the Colombo Restructuring plan. The investment was made under
the guarantee of Bank of Ceylon at the UDA debenture issue.
“Idle lands and old buildings in the Colombo city will be used in the
Colombo restructuring project by eliminating the ugliness they bring to
There are so many unauthorized buildings in the city and under the
project these structures will be removed while giving unauthorized
dwellers alternative accommodation,” he said.
The project will help mitigate the floods and rain water drainage
system issues in the Colombo city with the removal of unauthorized
buildings which have been put up in an uncontrollable manner,”