BOI agreements for US $ 17m

The Board of Investment of Sri Lanka signed Agreements for seven new projects. The 7 agreements signed by the Board of Investment of Sri Lanka are for a total investment of US $ 17 million. These projects cover a range of sectors and will be generating 460 new employment opportunities.

Access Realities Tower two is a project to setup a mixed development project. The project sponsored by Access Group is an investment of US $ 14.3 million. The venture is expected to provide 110 employment opportunities.

The project is for an up market office complex in Colombo. It provides bespoke packages instead of standard packages with the objective of attracting international businesses.

Construction of the complex is due to start and it is expected to be finished in December 2009. Sumal Perera (Chairman) and Christopher Joshua (Managing Director) signed the agreement on behalf of the company.

The agreement signed with Invue is for a project to develop software for export. The Business Process Outsourcing (BPO) venture is an investment of US $ 175,000. The venture is expected to provide employment for a workforce of 15 and will be located at Koswattha, Thalangama.

The BPO will mainly focus on providing software solutions to India and South East Asia. The venture expects to commence commercial operations immediately. The venture will be sponsored by investors from UK.

The software development will be carried by a team of Sri Lankan Software Engineers. Dr. Pierre H Wilter (President/CEO) and Janaka Paranamanage (CEO/Chief Development Officer) signed the agreement on behalf of the company.

Teardrop Holidays signed an agreement to setup a boutique hotel. The hotel will be located at Kotugoda, Opatna between Colombo and Katunayake. The boutique hotel “Wallawwa” is a luxury hotel consisting of 14 bedrooms.

The venture is expected to provide employment for 20. The venture is an investment of US $ 510,000. Commercial operations are expected to start in August 2008. The company also expects to commence a boutique hotel located at the Galle Fort. Michael Davies (Director) and Viraj Premasinghe (Director) signed the agreement on behalf of the company.

An agreement to undertake a project for breeding and exporting ornamental fish and aquatic plants was signed with Tropical Fish International. This is a venture under Nipayum Sri Lanka (300 Enterprise programme).

The project will be located at Poruwadanda, Horana. The venture sponsored by CIS International Holdings is an investment of Rs. 33 million.

This project will expand the existing operation with the aid of the BOI incentives. The ornamental fish will be exported primarily to the US market. Charitha Samarasinghe (Director) signed the agreement on behalf of the company.

Jal Health Spa is a project to setup a Training Institute for foreign employment. The project is an investment of US $ 484,000. The venture is expected to provide 60 employment opportunities. The training centre will train people on providing Spa services.

The qualification will be provided by City and Guilds while the participants will be given a six months apprenticeship at the Galle Face Hotel. The operation expected to commence next month. Neil Stephen (Director) and Shira Saleem (Director) signed the agreement on behalf of the company.

The agreement signed with Majapahit is for a project to setup a luxury boutique hotel at Ahangama. This is an investment of US $ 550,000. The venture is expected to provide employment for a workforce of 35. The luxury boutique hotel will consist of 7 rooms and expects to commence operations this year. David Dawborn (Director) signed the agreement on behalf of the company.

Uyanwatte Lanka, a project under Nipayum Sri Lanka 300 Enterprise Programme signed an agreement to manufacture garment accessories for indirect export. The project will be located at Dehiowita Divisional Secretary Division in the Kegalle District and is expected to provide employment for 200.

The venture is an investment of Rs. 75 million. Commercial production is expected to start in three months time. E. R. Samarajeewa (Chairman) and A. M. A. Rahim (Managing Director) signed the agreement on behalf of the company.

Chairman/Director General, Dhammika Perera, signed the Agreement on behalf of the BOI. Minister of Enterprise Development and Investment Promotion Dr. Sarath Amunugama, formally presented the investors with the BOI Certificates of Registration.