BoI signs 4 agreements relating to apparel, logistics, plant tissue culture and packaging sectors

Signing of BOI agreement with J C Biotech Ltd

The Board of Investment of Sri Lanka recently signed four agreements for projects covering a wide range of sectors. The agreements was signed on behalf of the BOI by Chairman Hemasiri Fernando with the investors of the various enterprises.  

Signing of BOI agreement with WUS Logistics Ltd

The first of this agreement was First Steps Babywear Lanka Ltd., which will be setting up a manufacturing plant to produce garments and other textile products for the export market. This company will produce products in a highly-specialised segment of the apparel sector, namely baby wear. 

The project will be located in Modarawila Industrial Estate, Panadura and will create employment for 20 staff. The company represents a total investment of $ 3.5 million. Priyanga Rajakaruna and the Company Secretary signed the Agreement on behalf of the company.

Another BOI project that was signed recently was with W U S Logistics Ltd. to set up a logistics city which will include warehousing facilities, cold room facilities, in-house value addition and multi country consolidation services and auditorium, business communication centre, exhibitions centre, logistic education centre and research and development facility. This project will be located in Negombo and will create 402 new employment opportunities. The total value of investment is Rs. 8,900 million.

The agreement was signed on behalf of W U S Logistics Ltd. by two of its Directors, Wijitha U. Seneviratne and Sujith L. Seneviratne.

Another important project that was signed recently was by J C Biotech Ltd. to produce tissue culture for ornamental plants for the export market. This project which will be located in Welimada will create 20 new employment opportunities and represents an investment of $ 500,000.  

The agreement was signed on behalf of the company by Gayan V. Weerakkody and J.K.M.B. Jayawardhana.

The fourth project signed was by Y C G Packaging Ltd. for a plant that will manufacture garment accessories including hand tags, price tickets, over-riders bands, body card, colour bands, body bands, label PVC, satin labels, size labels, booklets and packaging boxes, to name a few. 

This company will be located at Gangarama Mawatha, Mattakkuliya, Colombo 15.  It will create 71 new employment opportunities and represents an investment of $ 7.6 million. The products of this company will be used by some of the leading apparel manufacturers and exporters in Sri Lanka including Brandix, MAS, Hirdaramani and others.  

The agreement was signed on behalf of Y C G Packaging Ltd. by Mohamed Hafeez Gulam Hussein.

As the investment promotion agency of the Government of Sri Lanka, the BOI actively promotes investment in Sri Lanka and particularly Foreign Direct Investment. Projects started under the BOI have brought into the economy foreign exchange and capital and created new employment opportunities for young people, often in new and cutting-edge industries.

In addition Sri Lanka’s exports have been boosted as a result of technological transfers that have also strengthened diversified the country’s economic base.