Mar 18, Colombo: Sri Lanka's Investment promotion agency, the Board of Investment (BOI) has initiated two of the largest investment projects in BOI's history in the Mirijjawila Export Processing Zone in Hambantota with a total investment of $ 3.95 billion.
The two projects will provide direct employment to over 10,000 people while indirect employment is expected to exceed three times of that, the BOI says.
One of the projects is to set up an oil refining complex in a 200 acre land with an investment of US$ 3.85 billion. Silver Park International Pte Ltd of Singapore and the Sultanate of Oman Ministry of Oil and Gas are the investors.
The refinery will manufacture the fuel for the export market. The four-year project will be implemented in two stages of two years each.
The second investment project is to construct a cement manufacturing factory with an investment of US $ 100.08 million. An area of 64 acres have been allocated for the project. Ceylon Steel Corporation and Onyx Group of Companies of the UAE are the investors.
The factory will produce cement needed for the local construction sector and the project will be implement in two stages. The first stage will take two years and the second will take three years.
Following implementation of the two projects, the total area of the Mirijjawila Export Processing Zone which was started in 2004 will be completed. Before the two projects, only 20 percent of the land allocated to the EPZ has been used.
With the commencement of the two projects, the Hambantota Port and the Mattala Airport will be utilized effectively and actively, the Board of Investment said.