Construction on 300 factory programme begins

FACTORY PROGRAMME: The first project under the 300 factories programme as spelled out in the Mahinda Chinthana will get under way today when the foundation stone for Ocean Lanka Exports (Pvt) Limited is laid.

Ocean Lanka is a garment manufacturing company to be set up at Nikawehera Polpithigama. The programme, aimed at breaching the economic gap in the Western and the Gampaha districts was launched on January 24 by President Mahinda Rajapakse at the BMICH with a total of 104 investors being registered.

The objective is to establish new ventures worth Rs. 18116 million and providing 26320 job opportunities in rural areas.

President Mahinda Rajapakse at the launching ceremony said the main objective of this programme was to establish 300 enterprises at Divisional Secretariat level outside the relatively developed Colombo and Gampaha districts.

He announced that income derived from investments made under this scheme will not be liable for income tax.

"We appeal to the State and private banks to provide credit at concessionary rates for this government's priority project," he said.

Enterprise Development and Investment Promotion Minister Rohitha Bogollagama will be the Chief Guest at the foundation laying ceremony said that the Government has been able to implement this project after two months, since the President came in to power.

"Within one month we attracted 104 investors to join the project," he said. He said he will convince more investors to join this programme. Highways Development Minister and Deputy Minister of Public Administration, T.B. Ekanayake will be the Guest of Honour.