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| Thursday, 25 March 2004 |
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Nitro to invest Rs. 1 b on offshore manufacturing plant in Pannala by Sudarshana Perera Nitro, a Malaysian based Company will invest Rs. 1 billion to set up its offshore manufacturing plant in Pannala to make Sri Lanka its export base for South Asian Countries. The firm will also assist the local Alba Three-Wheeler company to find a niche market for its three-wheelers. The new venture, the first project to come up at the Export Processing Zone in Pannala will manufacture and assemble motor cycles, three-wheelers, water pumps, generators, health equipment and air conditioners for the export market. The firm is also eyeing to capture 20 % local market share for specified products such as tricycle typed carriers, motor-cycles and other health care equipment. The new venture is coordinated by North-Western Regional Development Commission. The Letter of Approval in this connection was signed yesterday in Colombo. Chief Operating Officer, Nitro, Sabri Mohamed said that this his company is targeting to use Sri Lanka as the export base for South Asian Countries. We will set up as offshore operating place for our manufacturing process while being a part of Sri Lankas economy", Mohamed said. Chairman North Western Regional Development Commission Dr. Lalith Kotelawala said that the new company would be able to offer products at affordable prices for farmers and the working class. The synergy that Nitro will have with local Alba Three-Wheeler company will also have a cascading effect on developing and reviving the local industry. This company is targeting to cater to 80 % of the export market and 20 % being for the local market. We commend the trust the Malaysian investors placed on Sri Lanka's potential", Kotelawala said. |
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