Sept 04, Colombo: A Singapore based company will invest US$ 4 billion within the next seven years to set up an Industrial Park in Sri Lanka's Eastern Province, the government said.
The Sri Lankan Cabinet has approved the mega project to be completed in Sampur in Trincomalee by the Singapore based Gateway Worldwide Group.
Singapore-based Gateway Worldwide Group will complete the mega project in three phases to facilitate heavy industries, mainly from Singapore, and self-facilitate infrastructure and other requirements for operations without the government having to provide them.
The proposal was presented in Parliament by Minister of Investment Promotion Lakshman Yapa Abeywardena, for debate Tuesday.
The company, according to the government, would invest more than US$ 700 million within the first two years, followed by US$ 1.3 billion, which would develop infrastructure, education and other facilities to support the industries. That would be followed by a further US$ 2 billion capital infusion coming from industries to be set up there.
Minister Abeywardena, addressing the media in Trincomalee, said that the project would take off soon and enhance the development of the eastern province, particularly Trincomalee. The investment would create 10,000 direct employment opportunities and a large number of indirect jobs, he added.
He said that the government was aiming to capture another mega scale project for the Northern Province as well.
Highlighting the opportunities in the area, he said Trincomalee was the second highest contributor to the national economy since the war ended in 2009 and it had a great potential.
He said the tourism zone in Pasikuda, which was located in close proximity to Trincomalee, had made progress and was nearing completion. Ten of the 14 hotels had been completed so far, as well as the infrastructure.