Work on new export processing zone in Bingiriya begins

Tuesday, 5 March 2019 01:31 - - {{hitsCtrl.values.hits}}

PM Ranil Wickremesinghe operating an excavation machine at the construction site of the Bingiriya EPZ

Construction work on the country’s largest export processing zone (EPZ) in Bingiriya was commenced by Prime Minister Ranil Wickremesinghe yesterday.

Bingiriya EPZ was initiated after 15 long years. Currently, Sri Lanka has 12 EPZs in Sri Lanka in four provinces.

A land extend of over 160 acres will be developed under the first phase of the project, while it is also expected to be completed by September to commence construction work of the second phase thereafter. A land extend of 283 acres belonging to Livestock Development Ministry will be released for the second phase development work at Bingiriya EPZ.

The Government has allocated a sum of Rs. 2,266 million for infrastructure development for the entire project, and in 2018 the Government allocated Rs. 500 million.

Development Strategies and International Trade Deputy Minister Nalin Bandara said Sri Lanka has attracted a total of $ 2.38 billion foreign direct investments (FDIs) in 2018, posting an increase of 38.9% compared to a year earlier.

In terms of FDIs, he said that with two major FDI projects being rolled out during the first half of this year, Sri Lanka will easily seal $ 5 billion worth of investments for the year, exceeding the set target of $3 billion for 2019.

“Next month we are commissioning one of the biggest FDI projects in Hambantota are by setting up a steel company with an investment of $ 4 billion. In addition, we will also inaugurate an oil refinery in Trincomalee worth of $ 1 billion by first half of the year. I think for all these investments to come, we have created a business friendly and stable economy,” he added.

Bandara also pointed out that during 2019 and 2020, the Government hopes to accelerate all development initiatives and reach expected goals.

Prime Minister Ranil Wickremesinghe said it was important to have more EPZs around the country to boost exports to generate employment, foreign exchange and attract new technologies.