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Foreign investment plans getting onto top gear

INVESTMENT: Minister of Enterprise Development and Investment Promotion Dr. Sarath Amunugama is to increase the number of companies coming under the green line at the Katunayake Export Processing Zone (KEPZ).

Speaking to BOI officials at the KEPZ during his visit to the proposed Techno Park he said that officials need to work closely with the Customs and need to facilitate the investors in acquiring this facility, which will enable them to operate minus Customs constraints.

There are 27 companies who come under the green line in the KEPZ. Most of the investments in the zone are


INSPECTION: Minister of Enterprise Development and Investment Promotion Dr. Sarath Amunugama examining the master plan of the Techno Park with BOI Chairman Dr Lakshman R.Watawala and officials.

 involved in the apparel sector and it is important for them to come through the green line in their businesses he said.

During the meeting possibilities of acquiring dedicated display space at the Bandaranaike International Airport (BIA) for these apparel manufacturers was also discussed.

Apart from Techno Park plans also being made to set up a multi-storeyed car park and an offshore shopping complex under the development programme of the KEPZ. The car park will be completed under the purview of BIA.

There are 88 companies, which are commercially active in the zone and 140 companies outside the zone. BOI has identified four companies as declining companies and nine companies were closed down over 4 to 3 years in the KEPZ.

According to a BOI official, at the KEPZ there are 11 acres in the zone that are unutilised by investors. These lands had been released for investors for commercial operations but when BOI inquired about the land, investors said it is for their expansion.

There are 34 acres of land which are acquired by closed companies and BOI officials in the process of getting back the land.

Some companies have mortgaged these lands to banks. Releasing lands will take a little time due to negotiations with banks an official said.

The official also said that they have released some lands for three new investors recently, which were under closed companies.

However the Minister ordered officials to accelerate the land releasing process from closed companies to facilitate new investors who are keen on investing in the zone.

Visiting the proposed site for the Techno Park in the KEPZ, Minister said that he expects to complete the project by 2008. The Park will be equipped with necessary infrastructure and latest technological infrastructure. Ministry expects to attract 20 to 30 leading IT companies in the world.

The Park will be 21 acres and plans have been made to provide office space for these IT companies with common facilities such as conference rooms and cafeterias. These companies could move to their own business premises after they expand in Sri Lanka.

The Techno Park is a Rs. 300 million project.

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