Twelve new IPZs

IRANGIKA RANGE

The Government will set up twelve new Investment Promotion Zones (IPZ) to make Sri Lanka a preferred destination for investment in Asia catering to the needs of local and foreign investors. Of them four will be set up this year.

The major objective of this project is to create a globally competitive entrepreneurial culture in Sri Lanka for investment through a conducive policy regime that stimulates growth and development.

A Spokesman for the Ministry of Enterprise Development and Investment Promotion told the Daily News that the Board Of Investment of Sri Lanka (BOI) has already identified four lands to be developed as new IPZ in Trincomalee, Puttalam, Hambantota and Ampara.

“Local and foreign investors are willing to make new investments in these investment zones,” he noted.

Meanwhile, initial work of new zones have already commenced in Trincomalee and Puttalam.

Preliminary work of the Trincomalee IPZ such as preparation of survey plan, ground water study etc. have been completed at the 1200 acre land. A new incentive package for investments in the Eastern Province has been introduced under the “Negenahira Navodaya” program as well.

.Large scale Indian businessmen have paid their attention to set up a new IPZ in Trincomlee and It will be a great benefit for the people in the Eastern Province. He said a block of land of approximately 250 acres at Kallady in Puttalam has been identified to establish the IPZ while a land in extent of 350 acres has been identified and preliminary work is in progress in the Hambantota IPZ.

”The studies are now in progress to set up the Ampara IPZ as well,” he said.

These special IPZ will be well managed with better landscaping and eco-friendly characteristics. Five more sites are to be identified to set up IPZs throughout the country during this year under the New Investment Promotion Zones program.