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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » BOI signs US$ 44 m agreement

BOI signs US$ 44 m agreement

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1BOI signs US$ 44 m agreement Empty BOI signs US$ 44 m agreement Sun Jul 01, 2012 8:32 am

Malika1990

Malika1990
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
The Board of Investment of Sri Lanka (BOI) on Friday signed an agreement with a Saudi Arabian investor for the setting up of a new project exceeding US $ 44 million.
The agreement entered into with Seagulf Shipyard (Pvt) Ltd (Sri Lanka) will be a state of the art marine venture in Galle Harbour and will result in benefits for Sri Lanka such as technology transfers, increase in foreign exchange and creating 1,500 direct employment opportunities, a statement from the body said.
“This agreement is very significant as it is the first investment from the Kingdom of Saudi Arabia to operate under the BOI regime. The company is confident that the project will further generate 2,000 indirect employment opportunities,” the BOI said.
Accordingly, the company has evaluated the infrastructure at the harbour and the availability of skilled workers and concluded that these were very suitable for their project.
“Their work will be geared towards repairing and maintaining vessels such as shipping boats, yachts and tourist related boats. The project will also create employment for marine engineers and maintenance in ship repair and shipbuilding worldwide,” the statement further added.
http://www.nation.lk/edition/biz-news/item/7678-boi-signs-us$-44-m-agreement.html

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