BOI Archives - Ceylon Independent

Over $ 16 b investment projects under discussion with Singapore: BOI

16Jul

By Faraz ShauketalyNo Comments

Business, Main Story

Over $ 16 b investment projects under discussion with Singapore: BOI

Sri Lanka is gearing to reap the benefits of the Free Trade Agreement with Singapore, with four mega projects being discussed by the Board of Investment (BOI). According to the BOI, the projects with a total investment value of over $ 16 billion in manufacturing mainly for exports are the first projects to realise since the Sri Lanka-Singapore FTA was implemented on 1 May. The largest of these is an export-oriented oil refinery valued at $ 14.8 billion in Hambantota. The second is a $ 1 billion investment in a steel manufacturing plant in Trincomalee. The other two projects will both be in Hambantota - a $ 200 million sugar refinery and a $ 50 million flour bill, for both local and export markets. These proposals are being evaluated and will be implemented as soon as land is identi...

Sri Lanka airlines incurred losses due to appointment of relatives to key posts- witness

14Jun

By Faraz ShauketalyNo Comments

Business, Top Story

Sri Lanka airlines incurred losses due to appointment of relatives to key posts- witness

The President of the Airline Pilots' Guild of Sri Lanka Captain Ruwan Vithanage yesterday told the Presidential Commission inquiring into the national airlines that the institutions incurred losses due to the appointment of former president Mahinda Rajapaksa's relatives to the key posts. The Presidential Commission investigating alleged fraud, corruption and misuse of state funds and property in SriLankan Airlines, Sri Lankan Catering Services and Mihin Lanka convened for the fifth time on Wednesday to record statements from witnesses. Captain Ruwan Vithanage said appointments of most of the key officials and members on the Board of Directors given between 2008 and 2015 were based on family relationships and political affiliations. He said the former CEO Suren Ratwatte, Ajith Dias...

Minister Malik Samarawickrama visits high tech German engineering company in Katunayake EPZ in Sri Lanka

7Jun

By Faraz ShauketalyNo Comments

LOCAL

Minister Malik Samarawickrama visits high tech German engineering company in Katunayake EPZ in Sri Lanka

Minister of Development Strategies and International Trade Malik Samarawickrama visited the high tech German engineering manufacturing plant Kramski Lanka (Pvt) Ltd at the BOI's Katunayake Export Processing Zone. The German Enterprise was established in Sri Lanka in 1993 and has been engaged as a BOI project in the designing and manufacture of advanced products utilized in complex engineering processes. Kramski Sri Lanka is celebrating its Silver Jubilee in Sri Lanka. Kramski Sri Lanka (Pvt) Ltd is part of the Kramski Group which is a German enterprise with branches in Pforzheim, Birkenfeld and Karlsbad in Germany, Largo in Florida USA and Vellore in Tamil Nadu India in addition to Sri Lanka. Kramski Lanka Chairman Wiestaw Kramski, Vice President Mrs. Renate Kramski, Managing Dire...

National interest in front and centre when negotiating FTAs: Malik

21May

By Faraz ShauketalyNo Comments

Business, Main Story

National interest in front and centre when negotiating FTAs: Malik

Dismissing criticism, Development Strategies and International Trade Minister Malik Samarawickrama last week emphasised that the Government had put national interest “front and centre” when negotiating Free Trade Agreements. “Despite what you may hear in the news from the detractors of the agreement, we kept national interests and the interests of our domestic stakeholders front and centre when negotiating the agreement,” Minister Samarawickrama said with reference to the FTA signed with Singapore earlier this year. “We believe it is a good agreement that will strengthen our country’s economic prospects, not hurt it. We are well aware that some of the professionals are only interested in looking after themselves and not in improving the living standards of our people,” the Minister s...

Japan to donate 8 fire engines to Sri Lanka’s EPZs

22Mar

By Faraz ShauketalyNo Comments

Business

Japan to donate 8 fire engines to Sri Lanka’s EPZs

The Government of Japan has decided to provide 8 fire engines along with firefighting equipment to Sri Lanka's Export Processing Zones (EPZs) in Katunayake, Biyagama, Seethawaka and Wathupitiwala, where more than 100,000 employees are working. The equipment donated by local governments in Japan will be utilized for the safety not only in EPZs but also in their adjacent areas. The grant contract for "The Project for Upgrading Fire Units in Export Processing Zones (EPZs) of Sri Lanka" amounting US$ 90,778 (approx. Rs. 14.1 million) under the scheme "Grant Assistance for Grassroots Human Securities Project" was signed on 20th March 2018 at Board of Investment of Sri Lanka head office in Colombo, between Ambassador of Japan Kenichi Suganuma, and Director General of Board of Investmen...

Granite Capital to invest Rs 600 mn in residential villa project in Koggala

2Feb

By Faraz ShauketalyNo Comments

Business

Granite Capital to invest Rs 600 mn in residential villa project in Koggala

Granite Capital (Pvt Ltd) will invest Rs 600 million to launch Sri Lanka's first international residential community villa development project, Catalina in Koggala. Catalina Managing Director Jeevan William said the investment comprises 55% Sri Lankan shareholder capital, and 45% of capital from investors from US, Australia and Singapore. He said that a five and half acre land overlooking Paddy fields have been already purchased and they will first build a model 'show' villa and club house. "These would be ready mid this year and the balance 21 villas would be ready by end of 2019. We hope to market them from US$ 275, 000," he said. William said they were targeting senior citizens and have already received inquiries from Australia, Canada and USA. He stressed that the Catalina pro...

Sri Lanka received highest ever FDI in 2017 – BOI

28Jan

By Faraz ShauketalyNo Comments

Business

Sri Lanka received highest ever FDI in 2017 – BOI

The Foreign Direct Investment (FDI) into Sri Lanka has grown to over USD 1.63 billion in 2017, doubling the USD 802 million achieved in the previous year. According to the Board of Investment (BOI) this is the highest ever FDI surpassing the USD 1.61 billion in 2014, with solid growth across key sectors, Government Information Department reported. The strong growth is a direct consequence of the Government's reorientation of economic policy towards investment and export driven growth, rather than debt-funded public infrastructure spending. Among the highest growth sectors were export-oriented Manufacturing (+27%) and Services which includes Tourism and IT (+50%) and Infrastructure (+190%). The highest FDI came from China, followed by Hong Kong, India and Singapore. The BOI, under ...

Sri Lanka government revises visa issuing procedure

11Jan

By Faraz ShauketalyNo Comments

LOCAL

Sri Lanka government revises visa issuing procedure

In line with the Government's policy of promoting local and foreign investments for the development of Sri Lanka, it has become necessary to regularize and update the present visa issuing system. On the request of qualified foreigners, in future, the government will issue three types of visa - Visit Visa, resident Visa, and Transit Visa. The Cabinet Committee on Economic Management has recommended revising the current visa types and the fees for them. Accordingly it was decided to collect visa charges in US Dollars instead of Sri Lankan Rupees. The cabinet of ministers has approved a proposal put forward by the Internal Affairs, Wayamba Development and Cultural Affairs Minister S. B. Navinne to amend the Article 14 of the Immigrant and Emigration Act No.20 of 1948 and to amend the...

Sri Lanka to build its first ever pharmaceutical manufacturing zone with $ 10 million investment

9Jan

By Faraz ShauketalyNo Comments

Business

Sri Lanka to build its first ever pharmaceutical manufacturing zone with $ 10 million investment

The State Pharmaceuticals Manufacturing Corporation of Sri Lanka (SPMC) and Pharma Zone (Pvt) Ltd entered into an agreement on January 8, 2018, to build the first ever exclusive pharmaceutical manufacturing zone of Sri Lanka with an investment in excess of US $ 10 million. Health Minister Dr. Rajitha Senaratne along with other representatives participated in the agreement signing event on Monday. The Pharma Zone at Welipenna in the Kalutara district will facilitate the local pharmaceutical manufacturers with sufficient land for manufacturing plants and basic infrastructure facilities for smooth operation of Pharma production facilities with a view to achieving the Government's target of localizing production of essential pharmaceutical items to a value of US$100 million, thus saving ...

Sri Lanka’s UCL Logistics enters new era with focus on brokerage solutions

29Dec

By Faraz ShauketalyNo Comments

Business

Sri Lanka’s UCL Logistics enters new era with focus on brokerage solutions

A leading freight forwarder in Sri Lanka, UCL Logistics, a member of Expolanka Holdings recently announced the establishment of its restructured inbound ocean brokerage division to offer contemporary brokerage solutions under the existing Expolanka banner. Effective from November 2017, companywide efforts are in place to enhance service delivery and efficiency by consolidating the capabilities spread across teams working in clearance and documentation. The company's fully digitalized framework reflects a growing demand for digital solutions in logistics, as clients shift away from traditional paper-based business. Clients can also utilize the unique insight provided by a team of core experts which includes a former Director-Industries and Services of Sri Lanka Customs bringing in a w...