President unveils vision for robust economy at Bingiriya EPZ inauguration

• Plans to develop Bingiriya as major economic zone across five key sectors
• Estimates export income of $ 2.6 b upon completion of Bingiriya EPZ; 75,000 job opportunities through zone expansion
• Says efforts are being made to create new investment zones to strengthen country’s export economy, unresolved societal issues via unified economic system
• State Minister of Investment Promotion Dilum Amunugama says President’s effective economic policies helped to enter into 35 new investment agreements

President Ranil Wickremesinghe yesterday stressed the importance of enhancing the export economy, manufacturing, tourism, technology sectors and modern agriculture to establish a robust economy. 

The President made these remarks at the inauguration ceremony of the second and third phases of the Bingiriya Export Processing Zone (EPZ), the largest of its kind in the country. 

During his address, Wickremesinghe highlighted that the Government has already laid the foundation for this vision and efforts are underway to create new investment zones to further bolster the country’s export economy.

The President inaugurated the newly constructed Dongxia Industrial and Commerce Co. Ltd., within the Bingiriya EPZ. The new factory is expected to generate significant economic activity, providing 75,000 job opportunities and an estimated export income of $ 2,600 million upon completion of the Bingiriya Investment Zone.

The President acknowledged the challenges the country faced, including economic collapse and political instability. Despite these obstacles, he noted that the Government has managed to stabilise the economy through debt restructuring, receiving $ 8 billion in relief and extending the loan repayment period to 2043.

“Countries like Vietnam, Thailand, and Indonesia have progressed to an export-driven economy, but Sri Lanka has not yet reached that level. Therefore, we must uphold the agreement with the International Monetary Fund (IMF) and advance the country’s economy,” President Wickremesinghe said. He stressed the need for proper economic management to prevent future financial crises and emphasised the importance of maintaining control over foreign loans.

The President toured the Dongxia factory, engaging with employees and discussing plans with officials from the Board of Investment, the Urban Development Authority (UDA), investors, and entrepreneurs. He instructed officials to develop the areas of Bingiriya, Dummalasuriya, and Madampe to metropolitan standards, alongside infrastructure improvements in the EPZ.

Dongxia Industrial and Commerce Co. began its operations in Sri Lanka in 2018 and has since provided around 400 jobs, demonstrating trust in the country’s potential despite economic challenges. 

The President expressed optimism about the future, urging the establishment of more investment zones to drive economic growth.

The Bingiriya area, established as an EPZ in 2018, aims to develop surrounding regions such as Kuliyapitiya, Dummalasuriya, Madampe, and Chilaw. Plans include transforming Iranavila, Bingiriya and Chilaw into tourist destinations, with a golf course planned for Iranavila. Additionally, there are proposals to create an IT zone and modernise agriculture using the estate of the Chilaw Plantation Company.

Wickremesinghe highlighted the broader development plans for Bingiriya, envisioning new housing, a new city, and numerous business opportunities. 

He called for a unified economic system to address ongoing issues and achieve economic transformation, with Bingiriya playing a pivotal role in this endeavour.

“Let’s build a new economy centred on Bingiriya and Iranavila areas. It should be stated that you all are part of this transformation,” the President said, encouraging collective efforts towards a prosperous future for Sri Lanka.

State Minister of Investment Promotion Dilum Amunugama said President Wickremesinghe initiated the establishment of the Bingiriya EPZ in 2018, when he was the Prime Minister. “Today marks the inauguration of the first factory in this zone, with an additional 1,000 acres allocated for the second and third phases. The President has directed us to develop new investment zones, and we are exploring opportunities in Iranavila, Mankulam and Kankasanthuari areas,” he added.

He praised the robust economic leadership of President Wickremesinghe. “Sri Lanka has entered into 35 investment agreements this year. The Ministry of Investment Promotion has successfully achieved its target of attracting investments totalling Rs. 1 billion, as set by the Ministry of Finance. These achievements herald a promising future for Sri Lanka’s economy,” Amunugama added.

Governor of the North Western Province Ahamed Nazeer Zainulabdeen, State Ministers Shantha Bandara, Ashoka Priyantha and D.B. Herath, Members of Parliament Anura Priyadharshana Yapa and Sumith Udukumbura, Former Minister Akila Viraj Kariyawasam, Secretary to the Ministry of Investment Promotion Meera Muhiadeen Nayeemudeen, Director General of the Board of Investment Renuka M. Weerakone and Managing Director of Dongxia Industrial and Commerce Co. Sho Wing were also present at the event.