Sri Lanka announces investment projects worth $62mn
ECONOMYNEXT – Sri Lanka’s Board of Investment has signed four project agreements worth about 62 million US dollars, the investment facilitator said in a statement Wednesday.
WUS Logistics (Pvt) Ltd. will invest 50 million US dollars on a logistics park which will include warehousing, cold rooms, value addition and multi-country consolidation facilities, an exhibition centre and R&D facilities.
The logistics park will also include an auditorium and logistics education centre. The project is expected to generate over 400 jobs.
YCG Packaging is investing 7.6 million US dollars on a plant manufacturing a range of accessories for the garment industry like tags, labels and packaging material.
A 3.5 million US dollar manufacturing plant will be set up by First Steps Babywear Lanka (Pvt) Ltd which will specialise in infant clothing for export.
JC Biotech (Pvt) Ltd will invest 500,000 US dollars to produce tissue culture of ornamental plants for export, the BOI said.
These investments are welcome, though small in value and no where near the desired levels. Sri Lanka continues to struggle to meet annual FDI targets mainly due to inconsistent policy environment and poor rule of law.
The ongoing political crisis is damaging investor sentirment further.
(COLOMB, 21 November 2018)