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| Tuesday, 4 November 2003 |
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SLEDB to set up Export Processing Companies in provinces The Sri Lanka Export Development Board (SLEDB) which comes under the purview of the Ministry of Enterprise Development, Industrial Policy, Investment Promotion and Constitutional Affairs in collaboration with the Ministry of Rural Economy (MRE) is in the process of establishing Export Processing Companies (EPCs) in the provinces. The EPCs will engage in value addition activities of primary products cultivated/produced by Export Production Village (EPV) People's Companies operating in their respective project areas. The EPCs will be set up as joint venture companies by bringing together export trading houses and EPVs. The MRE and the SLEDB will also be stakeholders. The project for the processing of fruits and vegetable for export to be undertaken by the Galgamuwa Export Processing Company (Pvt) Ltd. GEPC is the first project to be implemented under the program. The fruits and vegetable required for processing are grown and supplied by the villagers coming under the Galgamuwa electorate of the North Western Province who are shareholders of Rajanganaya Export Production Village (Peoples) Company. The total cost of the project is Rs. 27 Mn. of which the fixed capital component is Rs. 23.5 Mn. and the working capital component is Rs. 3.5 Mn. The total cost is financed through equity contribution of Rs. 17 Mn.(63%) and a term loan of Rs. 10 Mn.(37%). The equity contributors are Cecil Food(Pvt)Ltd.(51%), Sri Lanka Samurdhi Authority (28%). The Sri Lanka Samurdhi Authority has invested in 28% of share capital on behalf of 1000 farmers in the Rajangana Export Production Village at Rs. 4,760 for each farmer. The project has engaged 1,000 out-growers under the REPV under the first stage of the project which will be increased to 2,000 in the second stage for cultivation of fruits and vegetable. The REPC will employ around 60 persons directly for its central facility which includes processing facility, plant nursery of three acres with the capacity to provide planting materials for the 2,000 out-growers and a model/demonstration of modern agri-technology, while increasing productivity of farmer lands. The Central Processing Facility of the Galgamuwa EPC will be opened by Ministers Prof.G.L.Peiris, Bandula Gunawardena and S.B.Dissanayake today at Ahetuwewa Road, Galgamuwa. Deputy Minister Indika Bandaranaike, Officials of the Sri Lanka Export Development Board, Samurdhi Authority, Ministry of Rural Economy around 2000 farmers are expected to take part in the ceremony. |
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