De La Rue Lanka expands with US$ 30 m investment

Closes Singapore currency printing plant:

Ramani KANGARAARACHCHI

International currency printer De La Rue Lanka has expanded business in Sri Lanka with the opening of its new factory extension with an investment of USD 30 million.

The company has closed down the currency printing establishment of De La Rue in Singapore and has moved all of that work to Sri Lanka.

Speaking at the opening ceremony of the new factory at Biyagama yesterday Deputy Finance Minister Dr Sarath Amunugama said this is one of the largest foreign investments in Sri Lanka.

“The export income generated by De La Rue will be very significant, which in turn will make a considerable contribution to the revenue of the Sri Lankan Government.

Also this expansion of Thomas De La Rue is proof of the increasing interest in Sri Lanka by those seeking places of investment that have a democratic structure where the rule of law prevails, and is rich in trained and trainable human resources” he said.

The newly installed state-of-the-art line of equipment to expand the company’s manufacturing capability and it will create over 150 new jobs in Sri Lanka. The company has also doubled the number of employees in Sri Lanka to over 350 during the past five years.

With the demand for currency and security paper increasing worldwide, this facility will be a key source of these products for the Asian and African Region as well as the Pacific and other areas seeking the most secure technology in this sector.

De La Rue CEO James Hussey said the opening of the factory extension is a clear demonstration that De La Rue continues to have confidence in Sri Lanka as a place to do business.

Acting British High Commissioner Mark Gooding said the UK and Sri Lanka enjoy strong commercial links. There are over 207 UK companies operating in Sri Lanka with an estimated investment of USD 429 million. The De La Rue investment is a testament to the continued ties between the two countries. In 1986, Bradbury Wilkinson and Company started a factory at the Biyagama Free Trade Zone for printing security papers including currency notes with an investment of Rs 70 million.

The Government had a share of 40 percent or Rs 28 million at that time and it was an indication of the business friendly environment in Sri Lanka for foreign investors.

In 1991 this UK company was purchased by De La Rue and after that the company in Sri Lanka was renamed under the new management as De La Rue Lanka.

It is operating as a public private partnership and produces currency notes and security documents not only for Sri Lanka but also for many other countries in the world.

************* [ New currency series soon]

The Central Bank of Sri Lanka will launch a new series of currency notes, under the theme of ‘Development and Prosperity’, Deputy Finance Minister Dr Sarath Amunugama said.

He said the original designs for this series will be provided by the most skillful and creative Sri Lankans whose work will be enriched by the technology of De La Rue. This facility can well be considered an important milestone in the economic progress of Sri Lanka.

It is a true showpiece of what is possible in the new environment of Sri Lanka where freedom reigns is high and opportunity is abundant, Dr. Amunugama said at the De La Rue factory opening.

*************