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| Wednesday, 21 July 2004 |
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BOI signs more Investment Agreements The Board of Investment signed four new agreements last week. The main feature of these agreements have been companies, which have been already invested in Sri Lanka and have further expanded their business interest by signing four supplementary agreements. These agreements include Viksund Asia (Pvt.) Ltd, Lanka Marble Industries (Pvt.) Ltd, Hinode Cement Company Lanka (Pvt) Ltd and Coba Peat Lanka (Pvt.) Ltd. An interesting feature of the new agreements is the diversification of the BOI investment base. Nipon Export International (Pvt.) Ltd. signed an agreement with the BOI to set up a project to manufacture plastic items for export. The total investment of this project is Rs. 75 million and will be at Ibbagamuwa. Reef Developments (Pvt) Ltd will set up a Tourist Resort at Wadduwa. This UK Investment would be around Rs. 63 million. Kelani Valley Green Tea (Pvt) Ltd. signed an agreement with the BOI for the manufacture of green tea for direct an indirect export. Green tea is a growing market as there is an increasing demand for the product. Many consider it as a new "Wonder drug" and a natural botanical gift to mankind. The investment on this project at Nuwara Eliya, is Rs. 22 million while its employment potential is estimated at 25 staff. Uni-Glory Lanka (Pvt) Ltd, which is a joint venture Taipei/Singapore/Sri Lanka signed an agreement with the BOI to set up a washing plant to provide washing facilities to export oriented garment manufacturers. This project will be at Ratmalana. G. Karunadara and Mrs. P.C. Cooray, Board members of the BOI signed these agreements on behalf of the BOI. |
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