Lankapage Logo CP 19 YEARS
Go Home Home Serving the Sri Lankan community globally since 2000
go to LankaPage.com

Leading News from Sri Lanka::

* Sri Lanka BOI says investment projects worth over $16 bn under discussion with Singapore
Mon, Jul 16, 2018, 10:06 am SL Time, ColomboPage News Desk, Sri Lanka.

July 16, Colombo: The investment promotion agency of Sri Lanka Board of Investment, (BOI) says Sri Lanka is gearing to reap the benefits of the Free Trade Agreement with Singapore, with four mega projects being discussed by the agency.

According to the BOI, projects with a total investment value of over US$ 16 billion in manufacturing mainly for exports are the first projects to realize since the Sri Lanka-Singapore FTA was implemented on May 1, 2018.

The largest of these is an export oriented oil refinery valued at $14.8 billion in Hambantota. The second is a $1 billion investment in a steel manufacturing plant in Trincomalee.

The other two projects will be both in Hambantota: a $200 million sugar refinery and a $50 million flour mill, both for local and export markets. These proposals are being evaluated and will be implemented as soon as land is identified, the BOI said.

Last week, Sri Lanka held a highly successful investment forum in the city state targeting Singapore companies encouraged by the FTA.

The forum was attended by Prime Minister Ranil Wickremesinghe, Minister of Development Strategies and International Trade Malik Samarawickrama and officials of the BOI, Sri Lanka Customs and MODSIT.

The Singapore delegation was headed by senior Minister S. Iswaran.

Presentations were also made by two recent Singapore entrants to Sri Lanka in the food and beverage sector who highlighted the strong investor facilitation now being offered by the BOI and the high living standards including housing, healthcare and education facilities which make it easy for job creating investors and their families to be based in Sri Lanka.

In the early years of Sri Lanka's open economy, Singapore was one of the largest investors with marquee investments by companies such as Shin Kwan Group and Prima Group.

While Singapore's outward FDI has skyrocketed over the past two decades, Sri Lanka's portion had trickled downwards. The FTA is expected to place Sri Lanka firmly on Singapore's investment map, and the serious interest is an indication of a massive upswing now underway.

 

ColomboPage - Recent 10 Stories ::
CID visits former president's house to record statement
-- [53 minutes ago]
Sri Lanka's manufacturing and services growth slows down in July 2018
-- [1 hour and 52 minutes ago]
Sri Lanka's apparel sector training body to expand services to South Asia
-- [2 hours ago]
Minister Kiriella to attend former Indian Prime Minister's funeral
-- [4 hours ago]
New entrepreneurs to be trained in developing businesses under the 'Enterprise Sri Lanka' loan program
-- [4 hours ago]
Possibility to amend the Sri Lanka FTA with Singapore within a year - Minister
Sri Lanka Premier condoles former Indian Prime Minister Atal Bihari Vajpayee's demise
Sri Lanka and Oman sign agreement on avoidance of double taxation to enhance economic relations
New special police unit to be established in prisons
Education Ministry lodges complaint with CID over false news report

Copyright © 2000, 2016 by LankaPage.com (LLC) :
The news and other contents on ColomboPage are copyrighted property of LankaPage.com, LLC. Any unauthorized use of any information on ColomboPage may constitute a violation of copyright laws. You need written permission to reproduce, republish, post, transmit, broadcast or distribute, material from this site from LankaPage.com, LLC. However, news organizations or broadcasters in Sri Lanka may republish the news items in ColomboPage with proper acknowledgment to ColomboPage.