Govt. rolls out investment forum for north

Northern Province Governor Reginald Cooray – Pic by Sameera Wijesinghe

By Uditha Jayasinghe 

The Government is hoping for a leg up for the Northern Province from an investment forum that targets key segments of the local economy and hopes to attract fresh investors to the job-starved region. 

Organised jointly by the Northern Governor Reginald Cooray and the Board of Investment (BOI), it is expected to be held in Jaffna on 22 August with the participation of President Maithripala Sirisena and Prime Minister Ranil Wickremesinghe. Central Bank Governor Dr. Indrajit Coomaraswamy is also expected to address the gathering. 

“We felt that the best time to hold this forum would be during the Nallur Festival as there are many people, including diaspora members, in Jaffna. Even though much infrastructure development has been done, we are still seeing a shortage of investments to create jobs,” Cooray told reporters.

“Economic development is crucial for reconciliation. We cannot allow the north to be left behind.”

He insisted that many representatives interested in starting ventures in the north had met him but had been discouraged by the lack of initiative on the part of the Government. As a step to reducing red tape, a one-stop-shop has already been created at the Jaffna Government Agent’s Office and participants at the investment forum will be handed details of available human resources, land and other essentials to assist feasibility studies. 

The Government is seeking investment for Elephant Pass saltpans, Mullaitivu Tile Company, Paranthan Chemical Factory, Kankasanthurai Cement Factory, and milk collections centres, the Northern Governor said. Investment is also sought for nine ventures proposed for the Achchuveli Investment Zone and 35 small-scale companies that have to be restructured under the instruction of the Industrial Development Board.

Agriculture, solar and wind power, fresh water fisheries, higher education, tourism and cashew cultivation are among the main sectors vying for investment in the north. 

A slew of additional investments are also in the BOI pipeline, according to officials, including cement and apparel factories that could bring investment worth Rs. 3.3 billion and create 939 jobs. The largest of these is a 1,054-room hotel project to be set up in Mandativu Island that would create an estimated 38,000 jobs. 

BOI officials declined to give specific names of the companies but noted currently 16 BOI projects operate in the northern peninsular providing over 4,200 jobs.