May 11, Colombo: The Board of Investment of Sri Lanka recently signed agreements for 8 new projects.

BOI signed an agreement with the GFS Frontier (Private) Limited for a project to manufacture and assemble brand new motor vehicles for the local and export market. The venture under Nipayum Sri Lanka (300 Enterprise Programme) is sponsored by Frontier Transportation Solutions.

This project is an investment of Rs. 238 million and will create employment opportunities for a workforce of 200. The manufacturing plant will be located at Tissamaharama. The venture is expected to commence operations this month and will assemble Defender and Land Rover vehicles initially.

The agreement with Sunagro Farms Limited, another project under Nipayum Sri Lanka (300 Enterprise Programme) is to grow vegetables including asparagus, fruits and foliage.

This project is an investment of Rs. 35.10 million and is expected to provide employment for 22. The venture will be implemented in Sevaletchmi Estate, Kandathoduwa in Madurankuliya.

A project with Dherana International, a Nipayum Sri Lanka (300 Enterprise Programme) is a venture to grow foliage plants for the export market. This project is an investment of Rs. 29.7 million and is expected to provide employment opportunities for a workforce of 50. The project will be located at Lunuwila, Wennappuwa.

BOI signed an agreement with Lanka Star Steel for a project to manufacture steel bars. This project is an investment of Rs 140 million. The manufacturing plant located at De Mel Tenna in Damunugollewatta is expected to create employment opportunities for a workforce of 100. The steel manufacturing venture is carried out under the Nipayum Sri Lanka (300 Enterprise Programme).

Yasunaga Residencies (Private) Limited signed an agreement for the construction of a housing complex. This housing project is an investment of US$ 925,000 and is expected to provide employment for 56. The complex will be located at Naththa Ranpotha, Kundasale in Kandy.

Burltex Lanka signed an agreement for a project to manufacture garment accessories. They will manufacture interlining, embroidery backing, double side tape, TC pocketing, cotton pocketing, Velcro tape and woven tape for indirect export.

This project is an investment of US$ 940,000 and is expected to provide employment opportunities for a work force of 60. The manufacturing plant will be located at Ratmalana.

The agreement signed with Jest International is for a project to manufacture garment accessories for the export market. The US$ 325,000 venture is an investment from Korea. This project will be located at Liyanagemulla, Seeduwa.

General Automotive Manufacturing Company, a Nipayum Sri Lanka (300 Enterprise Programme) is a venture to assemble brand new vehicles for the local market. This project is an investment of Rs. 347.2 million. It is expected to provide employment opportunities for a workforce of 50. The project will be located at Unawatuna, Galle.