BOI signs 8 new agreements with more involvement from foreign investors

The Board of Investment of Sri Lanka granted investment approval for 6 ventures to commence operations under the BOI. Mr. Jayamapathi Bandaranayake, Chairman / Director General signed the agreement on behalf of the BOI and formally presented the BOI Certificates of Registration to the investors. The new ventures will invest US $ 6 million and will create 570 employment opportunities.

M. D. K Health Care Centre and Hospital (Private) Limited

M. D. K Health Care Centre and Hospital signed the agreement for a venture to establish a hospital in Horana. The investment of over US $ 1.3 million will set up a modern hospital providing health care services. The hospital is expected to create employment for a workforce of 140.

Sam Lanka Ice (Private) Limited

An investment agreement to establish an ice manufacturing plant was signed with Sam Lanka Ice. The venture located at Tangalle is an investment of US $ 400,000. The venture sponsored by Singaporean investors is carried out under Nipayum Sri Lanka 300 Enterprise Programme. The venture will be providing ice to be utilised in the fishing industry in the area. The manufacturing plant is expected to provide initial employment for 30.

Walters Bay Bogawantalawa Estates (Private) Limited

Walters Bay Bogawantalawa Estate signed the agreement for investment project to manufacture iced tea for export. The products are expected to be exported to the US, where there is a high demand for the product. The venture sponsored by US based Walters Bay & Company Inc represents is an investment of over US $ 2 million. The manufacturing plant will be established in Ragama providing initial employment for 20.

S & S Lanka Gloves (Private) Limited

S & S Lanka Gloves signed an investment agreement to manufacture household and industrial gloves for the export market. The venture located at Katugampola Industrial Park represents an investment of over US $ 500,000 by Korean investors. The venture established under Nipayum Sri Lanka 300 Enterprise Programme is expected to provide employment for 210.

Walters Bay Tea Estate (Private) Limited

An investment agreement for over US $ 1.3 million was signed with Walters Bay Tea Estate. The company will manufacture value added iced tea and hot tea for export. The venture sponsored by US based Manel Bay UC will setup the manufacturing plant in Gampola, creating employment opportunities for 110.

Nakamori Limited

Nakamori signed the agreement for an investment project to assemble and manufacture machinery and equipment for the local market. The project carried out under the Accelerated Development Programme for the Eastern and Northern Province will establish the production facility in Kuchchaveli. The venture is an investment of over US $ 400,000 by Japanese investors providing initial employment for 60.

The Board of Investment of Sri Lanka signed two new investment agreements on 13th May 2010. Mr. Jayampathi Bandaranayake, Chairman /Director General of the BOI signed the agreements on behalf of the BOI and formally presented the investors with the BOI Certificate of Registrations. 

Lanka Orix Information technology Services Limited. 

The agreement signed with Lanka Orix Information Technology Services Ltd is a fully owned subsidiary of Lanka Orix Leasing Company PLC (LOLC) to develop software for the local market. The main objective of the company is to provide innovative IT solutions for the local banks and financial institutes.  

The project is an investment of US $ 150,000 and will create 50 employment opportunities at the initial stage. The venture will be located at Lake Drive, Colombo 8. The company will hire IT undergraduates and provide them with training and scholarships to pursue higher education.  

Mr. Kapila Jayawardana, Group Managing Director and Chief Executive Officer signed the agreement on behalf of the company. 

Lanka North Eastern Ice Company (Pvt) Ltd. 

The agreement with Lanka North Eastern Ice Company is to set up Ice manufacturing plants in three locations in the Northern and Eastern Provinces. This project obtained approval under the BOI’s North and East Development Programme. The company is one of the leading Ice manufacturing companies in the country, operating since 1980. The plants’ Ice production is destined to the local fishing industry.  

This project represents an investment of Rs 60 Million and is expected to provide direct employment opportunities for a workforce of 70. Three Ice plants will be located at Kalmunai, Mannar and Gurunagar, (Jaffna).