Feb 20, Colombo: Sri Lanka's investment promotion agency, the Board of Investment has made a significant impact in developing local economies, by implementing the Government's objective to promote regional industrialization.
There has been considerable employment generation, boosting of exports, new technology transfers as a result of Foreign Direct Investment inflows. The Jaffna District is one of the main districts in the Northern Province which the BOI has targeted for development through Foreign Direct Investments.
Among the existing investments under BOI in the Northern Province are six Apparel Manufacturers and 15 other projects. When these are all operational the total investment will be Rs. 16,293 million and the total employment generation will be for 837 workers.
In addition to the existing projects in the Jaffna District, recently 5 new projects have been established in the province.
Joule Power (Pvt) Ltd with an investment of Rs. 2,946.915 million and Beta Power (Pvt) Ltd with an investment of Rs. 3,103.4 million have already commenced their operations in power generation.
These projects will contribute 10MW from each project to increase the share, by the end of next decade, of electric generation by the renewable energy supply.
Another two more power generation projects under the purview of the BOI are Awaiting Commercial Operation. Vayu Sakthi Vitpannar (Pvt) Ltd with an investment of Rs. 2,216.5 million and Yarl Vayu Pagavan (Pvt) Ltd with an Investment of Rs. 2,244.402 million will additionally contribute 10 MW of electricity to the national grid. The contribution of these projects will reduce the dependence on electric generation by fossil fuel sources.
Sakthi Agro International (Pvt) Ltd is a manufacturing base Investment under the BOI regime. It is awaiting Commercial Operation. This company will be engaged in the manufacture of coconut fiber products and will utilize 35,000-40,000 coconut husks per day for their manufacturing process. This will be an Rs.72.75 million investment.
The project will initially provide employment to nearly 35 staff. These coco peat fiber products will be exported to discerning markets such as the USA, Netherland, Malaysia and Japan.