South Korean investor expands packaging manufacture in Sri Lanka
ECONOMYNEXT – A South Korean investor making labels and hand tags in Sri Lanka is expanding its packaging manufacturing operations, the Board of Investment (BOI) said.
The investment promotion agency said it has signed recently a supplementary agreement with J and D Venture (Pvt) Limited to expand their operations.
The investors had initially invested in the island as Da-Sung Industrial (Pvt) Limited and Jin-Sung Industrial (Pvt) Limited in 1993.
“They were pioneers of manufacturing woven labels in Sri Lanka. As operations started to grow, they invested in several other BOI projects manufacturing hand-tags, screen printing and embroidery garments,” a statement said.
Under the Board of Investment’s new agreement with J and D Venture (Pvt) Limited, the company will be manufacturing packing and display items made of printed and unprinted value-added die-cut corrugated cartons.
“They will also manufacture garment accessories such as stickers and body cards for export at their existing plant which is located in Katuwawala, Boralesgamuwa,” the statement said.
The global paper packaging market is estimated to reach 383.94 billion US dollars by 2025, with growing consumer awareness for sustainable packaging and increasing environmental concerns factors favouring growth.
“Many countries are pushing for paper packaging products over plastic packaging, which poses a significant threat to the environment,” the BOI said.
(COLOMBO, 27 June, 2019)