Sri Lanka BoI ink four investment deals

Nov 23, 2018 (LBO) - The Board of Investment of Sri Lanka recently signed four agreements for projects in apparel, logistics, plant tissue and packaging, a statement from the investment promotion agency said. The first agreement was with First Steps Babywear Lanka (Private) Ltd which will be setting up a manufacturing plant with to produce garments and other textile products for the export market. The company represents a total investment of US 3.5 million dollars and will be located in Modarawila Industrial Estate, Panadura. Another BOI project that was signed recently was with W U S Logistics (Pvt) Ltd, to set up a logistics city which will include warehousing facilities, cold room facilities, in-house value addition and multi country consolidation services and auditorium, business communication center, exhibitions center, logistic education center and research and development facility. It will be located in Negombo and will create 402 new employment opportunities with an investment value of 8,900 million rupees. The third project that was signed recently was by J C Biotech (Pvt) Ltd to produce tissue culture for ornamental plants for the export market.  This project will represent an investment of US 500,000 dollars. The fourth Project signed was by Y C G Packaging (Pvt) Ltd for a  plant that will manufacture garment accessories including hand tags, price tickets, over riders bands, body card, colour bands, body bands, label PVC, satin labels, size labels, booklets and packaging boxes to name few. It will create 71 new employment opportunities and represents an investment of US 7.6 million dollars.  The Products of this Company will be used by some of the leading apparel manufacturers and exporters in Sri Lanka including Brandix, MAS, Hirdaramani and others.