BOI allocates USD 300 m for mega IT project

Techno Park expected to generate massive earnings and employment :

Ruwanthi Abeyakoon

Allocation: Board of Investment of Sri Lanka (BOI) has allocated USD 300, millions for Techno Park, a mega IT industry, Enterprise Development and Investment Promotion Minister Dr. Sarath Amunugama said handing over approval letters for seven new IT projects yesterday.

"Techno Park will be set up in Katunayake.

"A land of 18 acres has been allocated for this project.

"There is quick access to the Airport. After the discussions in Hyderabad and Bangalore it was decided to have the same operations here.

"IT companies can rent the offices in the building.

This area will also be residential. The park will be built within eight months to boost the IT industry," Minister said.

He said that several issues related to Indian tourists visiting Sri Lanka have been solved. "There are 112 flights to India for a week. Visa can also be obtained easily. More Indian tourists are visiting Sri Lanka at present. More flights to India will be operated if possible," he explained. "Government has positioned IT as a major development area. Incentives will be provided to take the IT industry off the ground.

Several IT projects that have been pending were approved and the Ministry will work closely to facilitate the growth of the industry," Minister said.

He assured that any IT project will be cleared within forty-eight hours. "All the projects will be cleared in a short time.

A job bank will also be established for the investors to recruit employees.

In another two weeks applications will be called for those who have basic qualifications in IT sector," Minister said.

He added that several tax relief measures will be set up enabling the investors to start training and institutions.

"IT sector pours USD 100 million to the economy and that can be raised up to USD one billion. Private sector can expand through BOI. Market for IT sector is growing and software will also be developed," Minister said.

Minister also said that China and Pakistan were supportive of the development projects in Sri Lanka.

"Both the President and Prime Minister of China mentioned that subsidies will be given to Sri Lankan companies in China. The possibilities to work on a cess on IT education is being explored.

Minister urged the companies already registered under BOI to expand their services. "Our first target is the companies already registered. They have gone through the first phase and can increase their activities," Minister added.