BOI approves projects worth over Rs. 525m

COLOMBO: The Board of Investment of Sri Lanka (BOI) signed agreements for three new projects worth over Rs. 525 million where over 250 new jobs would be generated.

The agreement signed with W S Auto Tech (Private) Limited was to set up an automobile training institute. The cost of the project is estimated at US$ 3.6 million and will be funded as a Foreign Direct Investment (FDI) from South Korea.

The institute will be located at the National Vocational Training Institute at Orugodawatte, Wellampitiya and will initially train 300 students. The BOI also entered into an agreement with Uni Marine Management (Private) Limited for a project to provide international sea cargo operation services.

An investment of US$ 1.25 million, the project will generate 148 employment opportunities and will be located at Colombo 01.

The agreement between S I M Lanka International (Private) Limited and the BOI was for a project to manufacture aluminium lids and laminated shrink sleeves. With an investment of Rs. 39.5 million, the project will initially provide 56 employment opportunities.

The factory will be at Moragahahena, Ginigathhena and will be launched under the Nipayum Sri Lanka 300 Enterprises Programme.