Foreign investment plans getting onto top gear
Anjana Samarasinghe
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.
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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. |