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BOI inks USD 20 mn projects in May despite current economic crisis

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Toshiyuki Hatanaka and Renuka M. Weerakone

Despite the current economic crisis the Board of Investment has signed 13 new investment contracts inclusive of three major projects for May 2022. The total investment is around USD 20 million.

These include a US$ 8 million investment by KSPA Embilipitiya Paper Mills (Pvt.) Ltd, US$ 1 million investment by Koggala Apparel Manufacturers (Pvt.) Ltd and 4.5 million investments by One Apparels Corporation Ltd which are among the major contracts signed by the BOI,” said BOI Director General Renuka M. Weerakone. In addition BOI also inked agreements for a USS 1 million 1-investment with Koggala Apparel Manufacturers (Pvt.) Ltd and another US$ 4.5 million investment with One Apparels Corporation Ltd.’“All these will generate 1,500 and 2,000 job opportunities for Sri Lankans,” Weerakone added. She said that the BOI is currently growing in confidence amid challenges and the trust conveyed by the Japanese investors upon Sri Lankan management and workers with their unblemished record in the history, is a great encouragement as we move forward to make Sri Lanka becomes the preferred destination for investment in the region”

The Granbell Hotel Colombo, a BOI approved US$ 60 million worth Japanese investment opened recently. Director Sales and Marketing Shu Baba, opined “The Belluna Company Ltd., Japan is of the strong belief that there is huge possibility to earn profits in Sri Lanka especially in the aftermath of the 30-year civil war, making it as a paradise for investment”

Besides, Baba underscored that given the success of their current investments; they would not hesitate to launch further projects in Sri Lanka in future. Finally, passing his message to outside investors, he underlined that Sri Lanka offers a host of business opportunities, which make it one of best destinations for investment in the region.

Granbell Hotel General Manager Toshiyuki Hatanaka said: “Belluna has invested in 3 projects in Sri Lanka “Le Grand” Hotel in Galle which opened in 2018 followed by “447 Luna Tower” a luxury apartment project now ready for occupations and “Granbell Hotel.”



Thursday, May 26, 2022 – 01:00

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