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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Sri Lanka inks deal for US$4bn port based heavy industry complex

Sri Lanka inks deal for US$4bn port based heavy industry complex

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Malika1990

Malika1990
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
June 14, 2012 (LBO) - Sri Lanka has signed a 4.0 billion US dollar deal to build port related heavy industries around the north eastern Trincomalee harbhour, the island's state investment promotion agency said.

Sri Lanka Gateway Industries (Pvt) Ltd, a foreign invested project company will build a deep water jetty, bulk commodities terminal with stockpiling and blending capabilities, a power generation plant and related industries, the Board of Investment said in a statement.
The project which will be implemented in three phases will involve investments of 4.0 billion US dollars, making it the largest foreign invested project, the agency said.

The statement quoted Prabath Nanayakkara, chairman of Sri Lanka Gateway Industries as saying that venture will change the economic landscape of the island.

BOI chief M MC Ferdinando said the deal indicated "growing international investor confidence in Sri Lanka."

The project will get tax concessions under the island's Strategic Development Act.

The company will manage and operate an industrial zone for heavy industries in the Trincomalee district.

http://www.lbo.lk/fullstory.php?nid=305356087

Harry82

Harry82
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Sri Lanka today signed an agreement with Sri Lanka Gateway Industries ( Private) Limited, who has agreed to invest US$ 4 billion to develop a special industrial zone for heavy industries in the Trincomale district.
Accordingly, Sri Lanka Gateway Industries, a consortium made out of several local and overseas firms will develop, operate and manage the special industrial zone for heavy industries in the Trincomalee District.
BOI says, the proposed project will see the development of a Deep Water Jetty, Bulk Commodities Terminal with Stockpiling and Blending Capabilities, a Power Generation Plant, and a host of other heavy Industries and complementary industries.
The US$ 4 billion will be invested in three phases.
Chairman of the Sri Lanka Gateway Industries (Private) Limited, Prabath Nanayakkara said companies based in Brazil, Australia, Japan, China, India and USA are taking part in the development of the proposed industrial zone.
According to the BOI, the project, the biggest ever FDI project in the country is expected to provide 5000 direct employment opportunities and over 20,000 indirect employment opportunities.
“The signing of this landmark project is an indication of the growing international investor confidence in Sri Lanka. Just a few years ago, it was difficult to envisage an investment of this magnitude in Sri Lanka” says Chairman of the BOI, M M C Ferdinando, following the signing of the agreement.

Harry82

Harry82
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Sri Lanka has been selected to host the 3rd Asian Youth Games in 2017 the National Olympic Committee announced today. The Announcement was made at a special press briefing held at the National Olympic Committee auditorium a short while ago. (S.A)

Harry82

Harry82
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
it is the time to all sunny

Rizmi

Rizmi
Manager - Equity Analytics
Manager - Equity Analytics
Sri Lanka has signed a 4.0 billion US dollar deal to build port related heavy industries around the north eastern Trincomalee harbhour, the island's state investment promotion agency said.

Sri Lanka Gateway Industries (Pvt) Ltd, a foreign invested project company will build a deep water jetty, bulk commodities terminal with stockpiling and blending capabilities, a power generation plant and related industries, the Board of Investment said in a statement.
The project which will be implemented in three phases will involve investments of 4.0 billion US dollars, making it the largest foreign invested project, the agency said.

The statement quoted Prabath Nanayakkara, chairman of Sri Lanka Gateway Industries as saying that venture will change the economic landscape of the island.

BOI chief M MC Ferdinando said the deal indicated "growing international investor confidence in Sri Lanka."

The project will get tax concessions under the island's Strategic Development Act.

The company will manage and operate an industrial zone for heavy industries in the Trincomalee district.

http://www.lankabusinessonline.com/fullstory.php?nid=305356087

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