Wednesday Nov 13, 2024
Wednesday Nov 13, 2024
Wednesday, 11 November 2020 00:18 - - {{hitsCtrl.values.hits}}
Cabinet this week approved a special 200-acre investment zone for pharmaceutical manufacturing within the Arabokka estate in Hambantota, which will be open to 20 local companies. The move comes after the Presidential Task Force for Economic Revival and Eradication of Poverty headed by Presidential sibling Basil Rajapaksa identified the pharmaceutical manufacturing industry as a sector that could attract Foreign Direct Investments (FDI) as well as retain precious foreign exchange.
Therefore, it has been planned to establish a special pharmaceutical manufacturing zone with modern facilities, within an extent of 400 acres of the Arabokka estate in Hambantota so that leading pharmaceutical companies both locally and globally can invest, the Government Information Department said in a statement yesterday. “Cabinet has also declared it as a strategic development project, paving the way for the Government to provide additional relief and encouragement for investors to step forward and invest in this pharmaceutical manufacturing zone,” the statement said.
Accordingly, the Cabinet of Ministers approved the resolution submitted by Minister of Health Pavithradevi Wanniarachchi for the establishment of 20 pharmaceutical manufacturing companies within 200 acres as the first phase of this project.
In the second phase, a further 20 pharmaceutical manufacturing companies within 200 more acres will be set up.
The Board of Investment (BOI) will furnish necessary infrastructure facilities to the zone.
