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| Wednesday, 19 May 2004 |
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First foreign company under UPFA begins production: BOI to help foreign investors to start ventures hassle free -Anura Bandaranaike by Lionel Yodhasinghe The Board of Investment of Sri Lanka (BOI) will be made into a one stop centre to facilitate prospective foreign investors to enable them to start their ventures hassle free, Minister of Tourism and Foreign Investment Anura Bandaranaike said on Monday. Speaking to a Japanese trade delegation led by Chairman of Lanka Harness Co.Ltd Yoshiaki Ito, the Minister said that he is determined to tap the tourist potential especially high spending Japanese to invite prospective investors to the country to generate more employment. Minister Bandaranaike told the delegation that he would visit Japan soon to have discussions with the relevant authorities. Chairman Ito met the Minister yesterday to apprise him of the inauguration of production of his automobile safety devices manufacturing plant, which is expected to provide 250 jobs in Biyagama. The Minister said that Lanka Harness would be the first foreign venture to start production after the UPFA took office. The Minister said that people have given a mandate to the UPFA to provide employment and his efforts to clear major hurdles in the BOI and other institutions under his purview to convert them into friendly and productive service centres to attract more tourists and investors. Chairman Ito said that many Japanese investors choose China for its cheap labour and geographical situation but he decided to invest in Sri Lanka despite such facilities for two major reasons - the long friendly relations between the two nations and cheap but quality labour. "Safety devices require 100 percent guarantee and quality standards, and quality standards are top of our production agenda and Sri Lankan workers are competent in fulfilling it", he said. The Japanese Government has rated the parent company of Lanka Harness; Ito Spring in Nagoya and counts 45 years' manufacturing experience as one of the best companies included in the one percent best companies rating in Japan. The Minister was pleased to know that the products made by Sri Lankan labour would serve the international market through reputed clients such as Toyota and Saab of Sweden. |
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